Antonio has said I can share this reply with Shareholders. Should help with some concerns ..It has alleviated mine and I'm going to focus on increasing sales which from all accounts is happening and better than expected as per earlier conversation with JE.
"Thedirectors have made it clear that they are not interested in any links betweenIWAC and WFL on several occasions in the past.
Iknow that the concern you mentioned is being fuelled by some people putting outconstant conspiracy theories about management and directors.
Thisis something that I have noticed since I joined the board. I'm not sureof their motive in undermining the company and its management. I couldcome up with my own conspiracy theory about their motives but it is something Ichoose to not devote my time to.
Thislatest conspiracy of IWAC acquiring WFL is as real as blaming 5G for Covid. Thefundamental SPAC economics and ruling would not make that possible just as itis not possible to get Covid transmitted through the phone.
Basicallyit revolves on how a SPAC works. It has to acquire a private entity or businesswhich has an EV (Enterprise Value) a multiple of minimum 3 times the amountraised for it to be economically viable.
Inthe IWAC case that amounts to US$ 300million plus. For IWAC to acquireWFL, WFL would have to be a private company (not public) and have a minimum EVof US$ 300Million. The suggestion by some shareholders that WFL could be boughtby IWAC is pure fantasy which lacks a simple economic understanding of howpublic companies operate.
I'mnot sure who feeds you these theories but I suggest that you ask them to studythe rules and economics governing SPAC and public companies before makingoutlandish and foolish accusations. Information on how SPAC in the US aregoverned is freely available online and also information on rules governing ASXcompanies.
Hopethis explanation is clear enough but if your sources continue with this absurdtheory perhaps you could specifically ask them to show you how it wouldwork within the allowed economical and regulatory framework. You will find thattheir argument would not even make it to 1st base. My suggestion to youis also to follow this approach on future conspiracy theories that you may bepresented with to make sure of at least some hint of credibility.
Ihave heavily invested in WFl both by buying shares and committing a lot of timeand it is my intention to continue to support the company. "
Kind regards
Antonio Varano
Non Executive Chairman WFL
(20min delay)