Ann: CEO and Managing Director Change, page-51

Very sad for what happened, but what an amazing buying opportunity. Such a well regarded whiskey and venture, backed by quality assets that just grow in value. This is exactly like the buying opportunity that China trade wars provided investors with Teasury Wine Estates at $8 only last year.

There's a lot of confusion out there on the asset valuations, and I wanted to crunch those numbers. I feel buying a $1 for a $1 at Lark is a steal. Some of the marketing focuses on the value at maturation, but that's misleading because you're effectively booking in tomorrow's profits into todays asset prices. Meanwhile the balance sheet uses cost of production, which isn't the fair value of today's whiskey. If I back out all the assets and just think "What would Lark be worth if it was liquidated today?", it's ~$3.37. At $3.60 yesterday, that was a steal. While the CEO situation remains uncertain, this thing could bounce and I will keep picking up parcels at or near those prices.