Ann: FY 2019 Q1 Trading Update, page-20

Since you seem to have a lot of the facts that potentially current management may have please help us understand your "Facts" as no one wants to see the SP lower than the levels current managent have delivered since they took over.

1-Fact is the looses have been plugged with the last Q being cash flow positive . If this fact is correct and the excesive overheads added in 2016 as per AGM were Aprox 2.5 million, it seems that the drivers of the positive cash flow are the reduction in overheads (Aprox average of 600k per quarter) plus the significant reduction in Advertising investment .


Fact it was the first cash flow positive quarterly since 2016. Anyone can deliver short term cash flow positive by cutting non-productive overheads and advertising investments, the question is how sustainable these results will be in the future as profitability is not driven by growth.

Fact is the asset backing of the company is around twice the share price. while this might be correct in the short term you should also consider that the mayority of the funds were raised at 9+ times the current share price , the consistent declining sales trend over the last 5 quarters, lower margins and the potential risk/ impact of pending law suit.

Fact is it's still priced for failure yet showing signs that it can return to success. This will depend on how you define sucess as lower sales, lower margins, more competition, lower adversing investment may not equate to superior in-market performance. Clarity on how current performance compares to top competitors by market and by channel over the last 2-3 years (as reported and certified by Nielsen) might help clarify the potential, the trends and how realistic are the target the company may choose as the targets that will define success.