I disagree with your comments, their margins appear to be...

I disagree with your comments, their margins appear to be increasing and is showcasing the strength of how they manage a business as they have been able to do so without needing to simply pass on price increases to customers like most other businesses have had to rely on to remain viable - this treatment of customers will be rewarded in the long run and should help them gain share.

The growth they are achieving is more than 10% and even more substantial % growth is occurring at the earnings level as they are reaching economies of scale, which is more important imo.

I have nothing but positive things to say about the Board and their treatment of shareholders. I truly believe Lev is the most shareholder-centric Chairman on the ASX - I have searched long and hard for another like Lev and have yet to find one. If you look at the facts, what more could you want from the guy?

• Buys millions $$$ on market consistently for years
• Fully reinvests into the DRP
• Has underwritten previous capital raisings
• Offers the company interest free loans when needed to avoid commercial debt
• Takes no salary/board fees
• Has never issued options to himself

I have always found Lev, Geoff and Rade to be respectable businessmen that work extremely hard. This is stark contrast to many other ASX companies where the CEO is there to take a compensation package or will quit/resign when times are tough and move on to the next gig.

While we all have our own personal circumstances, family situations or whatever that make sometimes selling a painful decision, I am thankful for the efforts of the board growing the company from a loss making business years ago, to one that is generating significant profits and will likely continue to do so for years to come.

It is easy to sit in your armchair and be critical, but you may at the same time fail to appreciate that ANO has grown with little operational risk, compared to many of other businesses that went insolvent due to overleveraging debt or from making excessive acquisitions when the times were good.

To me, there are so many positives here that are hard to deny.

They have setup the business to be prepared and setup for significant growth, but as anyone who has owned or operated a business would know, the fruits of this labour take time however also often turn very suddenly.

A few weeks ago on 2 May 2023, FDA finalized 5 remaining Proposed Orders in their OTC Monographs, leaving only 1 left: Sunscreen.

A helpful reminder is that the order proposes that only Zinc oxide and titanium dioxide are safe for use in Sunscreen. Even if only some of the proposed actions are finalized, it is extremely positive for ANO and the business opportunity by making competing chemical UV filters unfavourable or simply outright banned.

I am not aware of any other zinc oxide supplier that is as well positioned as ANO to capitalize on this potential.