Ann: June Quarterly Report & Appendix 4C, page-10

I agree nadav.

Start ups need time to capture market share, build internal and external systems and then grow their profit line. The first few stagers appear to be in place, but until they hit cash flow positive and NP positive, the market will be understandably holding back.

In my view, the Broadway transaction was the game changer. Instant presence across the country and NZ and a totally untapped source of customers for online product sales.

It will take another 6 months to demonstrate whether the strategy has been successful. Until then, I have been extremely happy to accumulate in the low teens.

It did not go unnoticed to many, that the day before the 4C, the price spiked. This suggests a pent up demand to buy at the first sign of a good financial result. The June quarter was underwhelming, thus the SP has retreated. This appears to be the order of play until further info supports a re-rating.

GLTASH