Ann: Annual Report to shareholders, page-48

Steve - you’re thinking about this completely incorrectly and are missing a key point. Sure, some may have taken money off the table (and as they should have) however what you’re missing is that a capital raise has happened since the 2020 top 20 snapshot, therefore a lot of them would have had their ultimate % stakes diluted down to make way for new shareholders, especially if they didn’t participate for overs in the raise.

Comparing top 20 shareholder lists from two years when there has been a fairly significant raise (relatively speaking) doesn’t provide you with much information. Furthermore, referencing BNP/CITI/HSBC/etc is useless as they are simply nominee holding vehicles.

I have read through the majority of the report (on annual leave, thank God!) and it is in line with my expectations and clearly articulated the explosive growth the team has been able to achieve. I bought some more at 6.5c. Market is sleeping on this one and I’m still of them opinion ASX tech investors don’t really understand how to price listed start-ups such as WineDepot.