Ann: Change in substantial holding - HNG, page-3

The fact they didn't try an bury the 4C into the Anzac weekend is encouraging.

I felt the cap raise was to fund some redundancies and why the announcement to temporarily cease Board payments to make the 4C look better, unless they sold down stock levels this 4C will still be negative.

For sure whoever is responsible for Evolis is being kicked up the backside.

I'm registered with Evolis USA and have been receiving emails in April , the first since October 2023.

in valuation for this type of business I use annual sales equal market cap, so if we are on track for $16m sales market cap $16M = sp of 4 cents, as long as $16 m sales = profit of say $1m.

my thought's only.