In re reading your note, just as I am getting frustrated with price action and wanting to grow a set to top up some more... The comment on distribution channels into Asia is interesting...
From a discussion I had with GNT back in May (which I based on a bit of a white lie that a friend in china was wondering where to find Lark)... the key points were,
GNT Fine wines business model is to take Aus product and put in the hands of chinese wholesalers.
They asked if friend is after the $400 or the $2000 bottles... they didn't know the names, but I didn't press them on that.
They said they have a very small retail shop, but most product is wholesaled...
This is why I was keen to get some more clarity on the volumes to, and strategy of GNT from LRK, but it was not answered in the webinar..
It may be that GNT is not material at this stage.. Definitely didn't seem form the margins that they are material or at a discount.
LRK Price at posting:
$2.63 Sentiment: Buy Disclosure: Held
(20min delay)