Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-18

From the acquisition prospect of THM back in February 15th:

"The business generated c.$21m of revenue and c.$4m of Normalised EBITDA in FY21", page 16

But so far in the six months running, THM has generated 7.6m in revenue; I would have hoped for around 10.5 for six months - as per prospect; and that is not even asking for growth. The shortfall in sales / revenue has to be noted.

But also the trend for THM is in the wrong direction: revenue decline qoq, from 4.2 to 3.4. - and who knows what the next quarter brings.

THM was to be a transformative (sic) acquisition; turns out not to be so.

"as we scale a vertically integrated health and wellness player"... ??? THM sales amount to little more than 1/6 of total sales. The distribution / sales capacity of THM was to be the vertical integration bit to the production capacity of HLF. Turns out THM is going backwards qoq.

The new CEO was an integral (here we have integration ) of the previous management team. I now doubt enough that the management that got us there will get us out of here. On top of it, they are not looking for a new CEO, but for a new CFO, and have the outgoing manager on the books with the crafty title "Chief Revenue Officer". Well, Danny Rotman will be massively motivated in his new role. (I am a little cynical here).

There are way to many red flags here, and not just that: the disappointments keep coming. I have cleared out bulk of my holding at 7.1 and 6.2 cents in the last few months, ... and the rest today. Thus the investment into KTD and HLF was a very bad one, and in the end also a bad investment for the person who bought the shares when I sold them.

A big thank you to ASXleo for compiling the numbers - not just in the post above, but also all the others.

I would like to say "good luck to all holders", but that would not be so honest, because I fear there is more misery coming...

Many quarters ago, an investor I quite respect invested at 21 cents and then left after a C4 (where every disappointment was nicely explained) selling out at 17 cents, leaving the opaque remark "sleight of hands". Nothing ever is as it seems.