Ann: Appendix 4E and Annual Report FY21, page-9

agree its a solid report confirming a number of factors:
Craft brewed beers continue to increase in popularity as consumers grow tastebuds
production costs are being improved... increasing GP margin
sales force is growing and now has a country wide focus... expect further interest from east coast to develop with independants
NTA remains unchanged due to increased assets and SOI

IMO - GDA has done so many things right in the last few years... while negatively impacting share price through dilution. the board seem to have acknowledged this impact and hopefully allow a few years before they look to add further equity. Funding the A Shed via 12.5m debt facility is a good option and test case for GDA to confirm if it can manage debt via cashflow working forward.

GLTAH