Ann: MOZ - FY20 Investor Presentation, page-4

"Having prepared some quick valuation models I can tell this SP should not be down here and will eventually be scooped up by instos if the retail market doesn't realise first."

The most obvious insto would be their biggest shareholder. Just for some background, Alceon is the major shareholder with 36% of the company. The Chairman of Mozaic is an Alceon executive and the board and senior management was put in place by Alceon. Back in 2014 Alceon launched a takeover for Noni B and managed to acquire 77% of the company at 51c per share.

Alceon then participated in 2 capital raisings at $1.25 ($14.6M) and at $2.50 ($6.2M). They have diluted their holding by not fully taking up allocation and via some sales.

Following the attempted takeover of Noni B, and subsequent change of name to Mozaic, the company has spent over $ 100M on 3 further acquisitions yet the company has a market cap of just $48M today. Given the "value' added by Mozaic, perhaps they should finish of the job they started 6 years ago?

Had they paid a little more back in 2014 they could have mopped up the 23% of Noni B they didn't own, rolled in some acquisitions, geared up the balance sheet and relisted the company and made their exit long ago. I bet they are ruing that decision.