Ann: Net Tangible Assets as at 31 October 2022, page-9

Yes I would hope that SNC has been in touch with CCX management in the last few days. Other instos are piling out but apparently it is mainly due to the expected macro financial impacts on retailing stocks sooner than specifically being aimed at CCX. Others say that the story is all about their massive seasonal inventory holding and the resultant debt. Directors are firing back with the retort that their inventory in this class of fashion is timeless - a good point nevertheless. Personally I think that there has been a severe overreaction to the quarterly put out by CCX but the market is always right even when its got the fundamentals wrong. The CCX SP has dropped from about $1.80 since the last recorded holding by SNC of about $3m + of shares in its annual report. At a SP of around 67c yesterday that is a hit of about $1.8m based on my calculations. I will be looking for a comment on the CCX holding in the next trading update.