Ann: Investor Presentation - Webinar 28 January 2021, page-35

Not a problem at all. For starters and most importantly, I believe the market is about to go through some tumlt much the same as it did in September last year. There will be a sell down and less risk taking until US stimulus is locked in and the WallStreetBets fiasco finds some equilibrium. Iconic investor Jesse Livermore (and others after him) ofter ascribe the push of any given stock price movement to approximately 40% by the overall market, 30% by the sector, and 30% byt the actual company itself. In order to buck the first 2 macro conditions, your company has to be EXCEPTIONAL. I felt these results were good, very good really, and maintain the LT thesis... but given my holding size, the profit that was available, full CGT and half CGT vs opportunity cost of staying put, I believe the play was sell for now.

The 39% as a standalone number is very good. But how it was presented, I immediately did not think the market would react well. In the Dec 10 webinar, they stated November revenue was up 49%. Any time you present a drop off, it's unlikely to be received well. Markets react quite simply to numbers in announcements. If sales or growth is perceived to be lower through comparable metrics, it often will echo in the stock price.

The lack of information/guidance around Redmart and Meat Club Singapore numbers was a factor.

Delay in Daly rollout was a factor.

Knowing that Dec Q is likely the strongest Q by season was a factor as well.