Ann: FY23 Trading Update, page-259

All good and all fair enough. I would be the last person to suggest that you alter your approach/concentration.
Best of luck to you, too. I'm sure the conversation will continue when we receive an update.

Don't mean to argue, but continuous disclosure obligations means we will NOT see a result lower than previously guided. The moment DGL are in possession of information that their EBITDA will fall short of $64mln-$65mln they are obligated to inform the market. It's the 26th of June with BAS statements submitted monthly.

If you put your chess hat on, he could disclose today that EBITDA is "fine"...or he could wait until July and August data come in, and communicate "fine" results + strong start to FY25. Which is better? I think they are choosing the latter for greater impact and an end to this stock rout. Just my view - could be wrong.

As a side note, I have gone through every DGL employee on LinkedIn. I like their HR strategy, who they are hiring, what kind of people they are able to attract, the skillset, how they've organised themselves etc. Bottom line? I don't doubt this human capital/team's ability to make a buck - especially against their competitors. On a person-for-person basis, I think they have a competitive advantage.