Ann: Market Update Announcement, page-7

The stock is very illiquid so a small panic attack in the market can send the shares down massively. On paper, 90-day average vol of this stock is 80k shares, which equates to 0.09% of the shares on issue.However, on 11th of August, there were 1.085mil shares crossed at $1.10 by Shaw, so that skewed up the average volume, so that 0.09% figure is not even accurate.

Having a look at the share registry, top 20 hold 75% of the company and top 3 hold 55%: Harry & family 24%, Bennelong (fundie) 16% and Perennial (fundie) 15%. There has been no selling down from the fundies or the top shareholders. So everything suggests retail people are selling out of the stock whereas instos and fundies happy to hold long term.

I think the stock is so undervalued. Its peers are trading at much higher multiples, like Planet is trading at 30x PE FY23, Basic-Fit at 32x PE FY23 ...etc while VVA is trading at 5x according to my calculation in the previous post. Even at $3 VVA is at 15x PE FY23.

My last point is Harry & family is the #1 shareholder, of course Harry will try to make $ for him and his fam. I feel like VVA is a very good acquiree target for an international fitness chain who doesn't already have exposure in Aust. VVA has clubs all around Oz. It's a long term hold for me but it'll be a profitable one, I just know it.