Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-36

‘The strategy of opportunistic purchasing of inventory in prior quarters’….this is what has me concerned. Have they artificially created positive operational cash flow from drawing down on inventory acquired in prior quarters? No doubt they are heading in the right direction but this result is likely mostly artificial? Keen to hear thoughts on this.

The negative sentiment from the last several years, larger sellers, price to book of 0.6…boy this is looking tempting. I am very wary having been burnt here before but peak pessimism and scepticism could be an indicator this is an asymmetric bet right now.