Ann: Quickstep sales up 14% in 2018FY - positive EBIT in H2, page-16

I was just reading through the report Andy, and thinking of you when i got to those specific parts.

Acorn (Douglas is investment mgr) results were released yesterday, and had a read through their report.
Carbon revolution (Douglas is the chair) is Acorn's 5th biggest holding.

My reading is that given that options holders have no right to participate in any share issues of the company, the options will definitely lapse.
Which means Newmarket can then participate in a capital raise in early 2019.

I found it strange that Export Contract Loan facility has been increased to $7,000,000 (which incidentally matures in 2019, yet the secured bank loan short term facility (matures in 2021) has a lower interest rate, yet this is being paid out.

I also note that the auditors concluded the business is a 'going concern'

A quick accounting lesson - Auditors should issue a “going concern opinion” when the entity's financial condition is such that there is doubt as to the firm's ability to continue as a going concern

So, if i was to speculate further, a capital raise in early 2019 which Newmarket can participate in to ward off the going concern audit issue, allow Newmarket a significant investment and also allow Quickstep to scale up significantly for future growth, of which current cash flow doesn't allow.

(all in my opinion and speculation)

Andy, i might be onboard with your theory now i've had a chance to take a good look through.

Also, Douglas only paid $60,000 for his director duties and only holds 980,000 shares. Heck i almost hold that many. His opportunity is coming.

Interestingly the top 10 shareholder, number 10 is only 2.2m shares. so not a great deal of strength on the register. A strategic placement to Newmarket adds strength to the register, and helps ward off any future lowball takeover. I dod enjoy seeing FARJOY at number 4 on the top 10 shareholders. He's has a significat holding in one of my other biggest holdings - FAR Ltd

Interesting times ahead. But glad to be in and averaged down to 9.1c

GLTAH