This business needs to be acquired. Plenty of potential listed...

This business needs to be acquired.

Plenty of potential listed acquirers still trading on 5x revs vs DTC on 0.8x. It makes the acquisition math very accretive.

Alternatively private equity could purchase, hold for a few years while fixing the mistakes of the current management team then bring it back to market on 3-5x revenues.

I'm a little surprised it hasn't happened yet. Possibly there are suitors but management aren't open to dealing?

We have three funds on board that I am aware of (Regal/Acorn/Aus Ethical) and I suspect all would happily take an acquisition from here given there is no volume to sell into on market. If I was them I would be pushing hard for this outcome.