Ann: Sale of Retail ICT and Sprout Business, page-43

This is a good question for the Board? How many new stores will be opened with the $35m and what will be the earnings growth?

The wellness market is expanding quickly worldwide. Dominated by women but also a growing market with men. Personally I think ICT is a mature market with little growth. Happy to see the Telstra sale as it had no future for VTG. The pandemic has probably knocked off $10m on the valuation but assuming the 2019 profitability to 2025 is not realistic and only 3.5 years left anyway.

With the full franking credits personally I see VTG as undervalued. Certainly very little downside and significant upside potential. Time will tell.