Ann: Trajan Investor Presentation and Investor Roadshow, page-5

There isn't anything wrong with their strategies to offer scrip generally - as long as execution is on point, which appears to be for both companies... ... The issue is the type of market we are in. These are growth stories and growth stock valuations have been crumpled by rising interest rates (i.e. the risk free rate in a DCF)... DGL's last 2 acquisitions have been cash funded... And the 4 in Aug 2022 were mostly cash, with a bit of scrip($16.25m cash $9.75m scrip)....... DGL has an issue now of being taken over, they are becoming large enough to be worthwhile for a larger suiter... generating positive CF, and at an attractive multiple Mind you, they are cycling a bit of risk due to ag exposure... Very off thread topic talking about DGL, apologies... TRJ is probably 12 behind DGL on being able to cash fund acquisitions, subject to how strong this half is I suppose. I propose TRJ has a more resilient business (not so cyclical, and more diversified geographically)..... Problem for both is founders hold sooo much stock, as attractive as they are, or become (i.e. fallin SP) the takeover remains subject to their vote... All they really need to come out and say is that the COY is on the market if the price is right and the SP's will rally hard. IMHO... DYOR.