Haven’t seen you on here for a while.It’s certainly been a...

Haven’t seen you on here for a while.

It’s certainly been a while, it’s tricky providing commentary while being a substantial holder, I will probably refrain from posting too much. If it turns defamatory, I am out of here!

I have been in and out of ANO over about 12 years.

Hopefully you have made some coin out of it @1more. I probably wouldn’t be too far of 12 years myself. What a ride, there have been good and bad days, but the business is fundamentality different from 12 years ago!

From memory you were a substantial holder and pretty bullish on future prospects.

My holding has gone up and I remain positive about the future of this entity. I am strapped in!

If you don’t mind, are you able to share some thoughts on where this is going?

When you invested 12 years ago, there was probably 5 or 6 products. These days there are over 40 products and growing. If they can continue to grow sales, happy days. It’s all about selling white powder, as simple as that!

Daily average FY2024

	FY	1 Jul 23 to 10 Oct 23 (102 days)	11 Oct 23 to 30 Apr 24 (203 days)	1 May 24 to 30 Jun 24(61 days)	1 Jul 23 to 30 Jun 24 (366 days)
1	2024	$27,571	$28,422	$12,098	$25,464

Daily average FY2025

	FY	1 Jul 24 to 10 Oct 24 (102 days)	11 Oct 24 to 24 Apr 25 (196 days)	1 Jul 24 to 24 Apr 25 (298 days)
1	2025	$26,626	$35,123	$32,214

They paid a dividend and promised more, but nothing since.

I would expect that if they continue to be profitable the dividends will start again. You just need to look at TWD to get comfort that once the money is in the bank, it will flow to shareholders. That's the way Lev operates.

Lev wanted to buyout the business, but seems unsuccessful.

Lev has never told me that. I know he wanted to provide an opportunity for shareholders to get out if they didn’t want to be there. I didn’t take him up on that takeover offer and have no regrets. I was grateful that he provided the opportunity to allow holders to get out! You don't often see the name Lev and the word unsuccessful in the same sentence.

The share price has languished for too long. Price action is nonexistent and ANO has become very boring.

I am not sure what the future holds. Grow revenue, profits and dividends and I would expect the share price to grow.

They consolidated their facilities and outsourced manufacturing to cut cost and increase capacity.

They have gone from two factories in Perth to one in Brisbane. There are substantial savings in shutting down Perth that start flowing this financial year. I am not aware of any outsourced manufacturing. It might have been trialed, but I don’t believe it worked out.

Their products and activities still seem promising.

Fully agree!

Their branding is as bad as ever and could really be improved.

I will let others do the judging. What I can tell you is that at the end of the day they’re selling white powder to manufacturers at a competitive price. The manufacturers that I have spoken to tell me it’s very good. I am sure the distributors add their own spin to it when flogging product. They have been around a long time. Manufacturers are always trying to get their costs down. I don't think they would be too caught up on branding! Just my opinion!

Do you see more of the same going forward or do you think we will see precovid growth returning?

Time will tell. I have full confidence in Lev, Geoff & Rade. They’re all invested in the business. I wish them well. If they do well, happy days for all holders. Thanks for keeping it positive @1more I wish you well!