Ann: Becoming a substantial holder, page-8

Maybe a downgrade but I'm starting to think that it's as much about investor perception of GUD (and Bapcor for that matter). Hardly a day goes by when we don't read about Tesla or Graphite or Rare Earths and, as a result, investors see this as a business heading towards obsolescence. The fact that, in my opinion, any serious impact on their revenue from this advancement is at least 5 to 10 years away gets scant consideration. Then there's every chance that a smart business like this would adapt in some way in any case. Well, here's hoping anyway.