Ann: Becoming a substantial holder, page-15

The wording hasn't changed for the past two years re the Chairman's view of the 'strong' legal position yet the Cambodian arbitration was lost. If they were so confident they'd be buying stock beyond token purchases. The reality is they don't know, and they are in the same boat as the market.

Re the 20m profit, if you look in the remuneration report you can see what the board had targeted for in FY19. The most weighting for STI bonuses was a target of AUD64.3m group EBITDA. After the 'ITDA' part, that would have implied profits around AUD$40m. Yet the business was only able to achieve EBITDA of less than half the budget. It will be interesting to see next year what the board has set for the new CEO to achieve. Though I think it's fair to say the board reckon DNA should make in the vicinity of 5c EPS, that's surely a 40c to 60c stock. So, where is the purchase of shares from management?

"from the strong wording in the annual report. I reckon DNA have more than 50% chance of winning the case in the court of appeal."

You should email them because the risk reward is fantastic.