Ann: Notice of 2023 Annual General Meeting and Proxy Form, page-6

“…the rumoured offer by Stake may be its best bet into the future …”

Some time back I expressed the view that this business model is flawed and that the company would be worth more in the hands of a competitor than it would ever be as a public company.

Stake will now pull a few millions of duplicated fixed costs out of the business, and in doing so, at the $40m acquisition price, will probably end up paying a single PE multiple for it.

This was always going to be the end game for this company.

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