Ann: Broadway acquisition and update, page-31

I have continued to nibble away at 11c level and late Friday at 11.5c.

Should the upcoming 4c confirm cash break even or significant sales strength from Braodway, it would take a heart beat for the stock to be re-rated.

l still expect escrowed shares will be released into any SP recovery, but the quantum may be lighter if the business looks like out is heading in the right direction.

The older smart money rarely sells large lines at the beginning of an expected upward SP movement. They just don't need the cash, they are holding an investment.

The best news l can expect from a future announcement is that the Broadway customer database has been transitioned online and offered some specific customer offerings offerings get them to transact and taste the service.

Higher end buyers who continue to buy when they return could be a major source of additional high margin revenue. To the unsofisticated would be bookkeepers, that means the revenue becomes net profit, as well as gross profit,as overheads are already close to full recovery on an EBITDA basis.

Delaying a (favourable) trading update until the 4c seems to me to be smarter than killing good news too soon. If it is good news of course.