Hi Fib,Have a look at slide 6 of the AGM presentation -...

Hi Fib,
Have a look at slide 6 of the AGM presentation - particularly the objective in "appointing additional distributors in North and South America in response to poor sales performance and destocking decision by existing American distributor". Theres only one American distributor.

To me its a no brainer of a decision, DOW clearly think about DOW and not ANO. Who wants a distributor who suddenly decides its time to destock? DOW do absolutely nothing other than clip the ticket. They'll eventually have to buy soon enough though, because their clients will want product, but in such a large market like the US, who wants a distributor like that? Too much oppotunity going to waste.

But herein lies the opportunity. The company was previously poorly managed and DOW ran all over them - and they still almost broke even. Now with a great product like XP, ANO have leverage (and a gun manager). Get some new distributors in America, who actually give a hoot, and they'll be cooking with gas. It just takes a bit of time.

Also dont think about ANO only from a sunscreen perspective (low margin). This company will soon be about cosmetics - probably the most important point to appreciate when you invest in ANO. Crack the cosmetics market via XP and we won't know ourselves.

Infact once the share hangover disappears, there won't be much stock left around either. Who know how long that'll stick around for, but to me this is the year for accumulation in ANO. Then the rewards could be significant. Buy, hold and be patient for this turnaround story.