Ann: Renounceable Issue, page-2

That's some really nasty cheese.

61.5% discount on the closing price at the time f the Trading Halt, and no dividends if the 400m facility is drawn on - which clearly when reading the purpose of the facility, it is intended to be drawn from. No requirement to pay this facility back first, so potentially could be paid back last and potentially beyond 2026 if an extension was agreed upon. This means no dividends until at least 2026, and potentially beyond for current shareholders.

I make this a very strong sell based not only on the 61.5% discounted issuance price, but the removal of future potential dividend payments for at least 4 years.

I love the company, it is the people that make the brand unique and why I love it. However in saying that, this is not a good deal for anyone that holds shares today and probably not a good deal for anyone that holds prior to 2026 and buys at a price above 46c, my new fair value estimate (FVE).