Ann: Change in substantial holding, page-4

I'm smelling the coffee brewing...
1. NAB refinancing, OJC would have submitted reasonable if not definitive information for the NAB to support the company's financial requirements given the currently lending climate. $4.2m @ 4.2% fixed $1m invoice facility @6.22% they are excellent corporate rates.
2. Entry into export markets via Aldi China and Malaysian market.
3. Two consecutive cash flow positive quarters March and June 2023.
4. New distribution channels with expectations of entering petrol/convenience stores during the quarter.
5. Adam Brooks partner at Thomson Geer appointed to the board as a NED, his area of expertise are predominantly M&A.
6. Changing of the gaurd with the Hon Jeff Kennett taking over from Norman Li and Rocky Zhou resigning from the board. A positive move by the company given their performance or lack of over a 5 yr period. Jeff's ability to open exceptional opportunities for this company via his contacts from his time as Victorian Premier and following in the corporate sector is a massive bonus.
7. Small register of 245m shares and a M/C of $27m. Good news & a Re-rate would be quite quick one would think.
8. Directors and major shareholder are buying, always a good sign imv.

They acquired The Black Label from Golden Circle a number of years ago at a healthy discount. I suspect given all the above they have been working diligently in the background on another type of bolt on. Like the way this is incrementally unfolding.

GLA.