Ann: Trading Update, page-39

Hello ES
I don’t have short-term share price targets, I invested here in the summer because the company is well managed, the share price looked too depressed relative to the short-term outlook for profits, and the new harvesting policy promised a sustained recovery in pearl size, etc. Also, costs are very well contained, the company will finish repaying its shareholder loan later this year, and surplus cash flow will then allow the business to reinstate a generous dividend. So lots of positives to drive the share price higher over time. Your figure of 14c looks optimistic, but based on the outlook for cash flow in 2022, I can see the share price doubling this year.