Ann: FY22 Results Webinar, page-6

Will today be the last day you can buy Lark sub $3.00?

We may see a combination of the following on Monday along with the full year results;

1. Update on CEO appointment,
2. upgrade in NSR
3. upgrade in Mature value of Whisky on hand,
4. Details on sales through GNT Fine Wines into China
5. Additional export plans / pathways and timing etc
6. update on the new Distillery approvals / build,
7. Forecast sales for 2022/2023 - I would like to see some commitment via a +$30m forecast.

I believe that the LRK mkt cap will be supported at 10 x rolling 12 m sales as long as GP% can hold up... ( i.e. $200m Mkt Cap on $20m sales last year i.e. SP base of $2.60). So a $30m number next year will support $300m mkt cap in 12 months ($3.86 share price on $30m sales).

I am deciding to let go of the maturation value of whisky on hand as driver of future SP (this relationship broke down some time ago obviously) - i think that measure is still important in a takeover play but I think a takeover is probably not going to happen until we see the new distillery running at nameplate and the kinks have been ironed out, so closer to CY2025.

I believe Lark has more than enough quantity of maturing inventory for their export ramp up and the SP from now will be very much driven by sales and GP%, so a very simple business from here - Sell more whisky people..