Ann: Appendix 4D and Half-Year Financial Report, page-24

We were at these levels ~mid 2020 when the business with ~25% of current sales was still managing to generate NPAT of ~$4-5 per annum even when FX rates had moved materially against them.

Covid was an artificially inflated period for them, but they seem to have come out of it a little bloated and less profitable (plus macro factors like FX rates and competitive pressures have not helped). I does appear that they are trying to address the issue (less discounting, closing loss making stores, this dunlop deal), but it also appears that there is a significant shareholder/s who have had their shares up for sale around the 48-51c mark with little demand to break through that volume of shares for sale.

I don't think there is any catalyst for a change anytime soon so we might be in this holding pattern for some time......although if they come out and indicate the Dunlop deal has started (1 April) and give a 1Q update, that would be helpful reminder to the market of what the business is doing