Ann: Quarterly Activities Report, page-3

The AUK online influencer distribution model has not fired up as quickly as expected.

Falling back on traditional B&M sales and distribution is somewhat of a backward step for the company but really, a sale is a sale no matter where it comes from.

NZ hard border has not helped the cause or the value from the Broadway acquisition that cost so much, pre COVID. No one is to blame for the capital destruction caused by COVID but it cannot be ignored as it came around just as the business was reaching cash flow break even.

They are a long long way away from that now.

This business post - COVID is one for true believers only. There is large upside potential no doubt, but a shortage of working capital will get in the way of any meaningful SP recovery. Sadly.

The initial SP action of 8c to 70c created many free carry shareholders of which I am one. If it were not so, this stock would have cut deep.

I remain hopeful rather than optimistic the business will survive. If it fails, it is will not be without a concerted effort of management to build it. They have done all that was possible. COVID has crushed many tourism related businesses, one more or less is just collateral damage.

GLTASH