Ann: Appendix 4C - Quarter ended 31 March 2020, page-6

This business is still very cheap at these levels. Its a great 4c and these guys have delivered at every level. I value the business at $2.20 and I am also expecting more acquisitions, so that may prove to be very conservative. The current environment is a fantastic way for them to get market share as demand escalates.

The other compelling investment case for UWL is the amount of skin in the game management have. They have put in millions of their own money so they really believe in the future of the business. This is pretty unique to UWL as most listed companies have directors who rely on getting shares for free.