Ann: FY20 Overview, page-61

IMO there is little evidence in the volatility of the SP at the moment that this is very much a seasonal stock with much of the momentum of the business appearing at the late spring to summer season onwards when sunscreens are purchased in the higher population westernised countries. Once the current Covid 19 effects subside and the economy is not influenced by Govt restriction and stimulus measures in these countries it will become more obvious that this company hides its potential during the off peak colder months with fewer needs for communication and a reluctance to announce during that lacklustre period - anyway what would they announce other than some new product or large new outlet for their products. Consequently the SP will probably trough during those periods IMO. At the moment this cycle is masked somewhat with market reaction to Covid restrictions etc. So I agree Thrower that we will see plenty of good news as we come out of the Covid restraints and hopefully some of that will coincide with the peak sales periods for this currently seasonal stock - people are waiting to hit the sun and surf.