Ann: Investor Presentation, page-3

My thoughts exactly Nanna.

There has been over 200m shares traded since SHP dipped below 2c nine months ago. Since then putting aside some traders moving in-and-out, there's been persistent selling at 1.5c.

Fast forward to today and one would expect/hope that shares being sold by Patos/associates/ex-owners would dry up by now, but clearly not and supply onto the sell side seems endless.

If there is a substantial buyer soaking up most of these shares and they're playing clean, one would have been a substantial holder notice by now.

Reality is more likely to be that management still hasn't been able to get any support from insto/PE/family office anywhere (title of today's preso nevertheless implies that they're trying), and small holders are still facing the prospect of further downward pressure post July 1 when more earn-outs issued at today's price are coming onto the market. I called this out in previous posts months ago, and right now there is still 56% in the "other" holders' category, per slide 3 of today's preso. On top of that, if any one from board/management decides to pull the pin (bet they're watching each other's move closely), then it's game well and truly over.

If there are blue skies and rainbow just around the corner with Crean and Carosa having been in the chair now 2 years on, why would someone keep dumping such an enormous amount of shares over this period of time? Surely this isn't because someone's margin loan is getting charged 30% interest pa in this low-interest-rate environment? Or someone needing to scrap together some tax loss before end of FY?

Nothing new has been presented in today's pack. No real metrics to demonstrate whether the company has improved margins/conversions under the single umbrella and consolidated back-of-house. homeappliances.com.au is still vacant. Toystore turns out to be a non-factor.

Ho hum.