Ann: GrainCorp upgrades FY22 earnings guidance, page-14

Yes, I sold my UMG at a profit as when management would not say even from which country a client incurring an A$16 million bad debt emanated, it was time to liquidate my holding.

There are some factors at play with UMG that it cannot control, such as previous government overreach with COVID-19 restrictions, but factors that it can manage have not all been handled well in my huimble, outsider's view.

The Chairman at UMG needs to depart. I recall how unimpressive he was when at the Business Council of Australia.

In contrast, GNC seems quite well managed.