I wont speak about the forecast numbers, however I will polish a...

I wont speak about the forecast numbers, however I will polish a couple of points.

1. There are 2 independent directors. These type of directors don't typically put much in the companies they work for. They are there to advise without being influenced by their own money (although, as a broader note on independent directors across the board, they have other pressures which may influence them - such as giving guidance that supports their re-employment rather than their money). They will put a small amount into the company which helps align them to shareholders, but they wont put a large amount otherwise it removes the 'non-independent' from their role.

2. Peter King was tired and has retired from it. I have heard that they did everything they could to keep him, however he wanted to spend more time with family. That is fair enough after 9 years in the job. Interestingly (as per last annual report anyway) he is still invested in Dusk, and in my opinion is a very positive indicator. Usually CEOs sell their stock and move on. Although there was a large parcel of shares that traded between 0.85 - 0.92 which Regal and another player picked up. I am not sure who sold this to them. There is not many who have that amount of shares, so this could of been Peter King. None the less, if it was Peter, there is now 2 funds that are keen to see Dusk succeed, so this is also not a bad thing in terms of increasing sentiment across the board. We will have to wait for the annual report - or maybe someone can update us if they see the registry.

3. Trent Peterson has dumped a large portion. However, this was through his PE fund. I have heard that his hand was forced to do this due to investors wanting their capital back (rather than wanting to exit it on his terms). He hasnt sold any shares from his personal account. Also something to note is that whilst he was being paid his Directors fees, it was being directed to Catalyst. Now that Catalyst has left, it is being directed to him. The point being is Catalyst has left, not Trent.

4. New CEO coming in may not have the capital behind him to purchase a large portion. He is a young guy who has worked his way up through the ranks as a great operator in retail. This is his first CEO gig. It would be great to see it if he did, but I am also reasonable about that prospect with no expectations on him for it. Additionally, he has specific periods to purchase shares if he chooses to do that. I am not sure if he is allowed to with the upcoming update in Feb (I think?).

5. In regards to dividends. If you look at the cashflow, they are drowning in it. The only reason EPS is potentially low is because of big depreciation. EBITDA is sizeable. Their actual cash is a large amount. There is an assumption there that there will be a continuous cycle of updating their fit-out once it is depreciated by the full amount (hence the ability for companies to depreciate assets). However, Im not sure how much more re-investment Dusk needs for fit-outs when they are simply using shelves. EPS may actually increase if they have reached the end of depreciated life and continue to keep the same fit-out.