HLF Chart, page-113

I've had to blank out the names below, sorry, because I am not allowed to share the register publicly. But, my takeaway from this is that the T20 is in a reasonable position, with VC & Bergen the only major exits since the THM acquisition was announced (2 others also left the T20 since Dec but were also only recent additions to the register, so were more likely to be traders with stop losses). We've got a number of new additions to the T20, with the threshold to enter the T20 increasing (2.2m units as opposed to 1.4m units back in Dec last year). Yes, there will be a lot of churn here from holders/traders/legacy investors outside of the T20. It is always hard to turn a downtrend around. It takes time. Unfortunately, most retail investors who are only loosely following the story will simply be relieved to get back to breakeven and may sell when that happens, and thus the register will have to churn out many uncommitted investors on the way back up. Regardless, I really like the risk/reward balance at these levels in the context of $6.5m EBITDA for FY23 versus a market cap of $26m. Let's see where we get to 12 months from now.