Ann: Appendix 4C - quarterly, page-4

I had another read of this quarterly last night and I feel much better with the company's prospects after a second, more detailed read. The accounts on face value are a bit messy with the Thor acquisition, but looking past that, underlying revenue growth for the 1A was brilliant, and it bodes well with BP+ and Spiro about to launch next month.

I'm not sure if it is a trend or not, but the last two 2Q have been strong ones for UCM, so if it is a seasonal thing for medical device purchases then there could be a great chance to build on the momentum of the growth in this quarterly.

The price has had a steady ride from the 13c lows, but there appears to be a lot of value still left in this one. I don't have the same conviction that I do in some other stocks, and honestly it stems from the lack of faith in management. Without disparaging Rob and other directors, they have over-promised and under-delivered in the past, and there have been a few "false starts" with revenue growth as well.

This does seem like the best opportunity the company has had to really take off since I have been looking at it though, and I am really bullish on the integration benefits of Thor, particularly for manufacturing and distribution.

I sold down some holdings in UCM a while back, but the current SP is around my original purchase price and the company has evolved a lot since then. I will certainly look to top up if the opportunity arises.