Ann: 2020 SWM Annual General Meeting Addresses and Trading Update, page-3

Looks like we now know why SWM has been trending upwards - congratulations to those who have held.

Key points:
- Debt reduced to $398million, compared to $564million at end of FY19, with $325million cash in hand
- Although revenue may be down 5% for the first half of FY2021, SWM considers it will have reduced its operational costs by same, meaning it will be a net result.
- Currently undergoing asset sale negotiations, and will conclude them shortly and otherwise in the next few months.

A lot more to like in the presentation, particularly around content growth and future advertising sales, but from a commercial perspective they have done very well from where they were 3-6 months ago.