Ann: 2019 AGM Presentation, page-34

What some people seem to be missing here is the strategy that the business are undertaking.

It is somewhat comparable with JBH back in the day.

They are rolling out 5-8 new stores per annum.

These by their own estimations will add each, $500k per store to bottom line revenue in year 1. Secondly this additional revenue increases to $1m in year 2 onward.

The long term success of the stores is irrelevant. The reason that this is the case is that when the Street prices earning and guidance they are unable to incorporate potential in to their models. Therefore they act retrospectively. This is exactly why the stock rallied so hard after their result in Aug. The additional revenue that cannot be forecast until it is tangible.

The sell down has been caused by an increase in the sell volume as people have been looking to book profit. Come their report in February they will announce further store roll outs and increase earnings through that mechanism. There will be a critical point that this strategy will become ineffective but it will not be any time in the near future (read 12 months)

Dips look like opportunities to accumulate in anticipation of this strategy.