Ann: Becoming a substantial holder, page-6

I think the downgrade in December plus the onset of COVID created a situation where the market extrapolated out the deteriorating Dec earnings. The market obviously downgraded in December and then was on the front foot to downgrade further in March with the stock trading in the 0.50's. I would look at this as the bear case that the Goldman and Morgans analyst are forecasting. When you have one of the bear's such as GS raising their target price to 0.75. You are essentially saying that the worst-case scenario is 0.75, whilst the upside is a multiple of that.

The Bull case assumes that the downgrade in Dec was more of a wobble or anomaly, which if you go through the company statements and transcripts is a reasonable assumption. Additionally whilst at the beginning of COVID sales were soft, they have since rebounded quite significantly. RBL seems to be more COVID proof (touch wood) than the market first expected.

The stock is under-owned and most of the loose stock has been soaked up by a couple of large insto's.