The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Edward O'Flynn - Parma Investments - Analyst
: Hi, Andrea. Hi Richard. Hope you guys are well.
And well done on a great set of results. We're really happy to see top-line growth on a per store basis and margin expansion. So well done to you,
guys and the rest of the team. It's a great outturn.
I actually have three questions. But I appreciate the guidance was for two. So we'll see how we're going. We might get through them quickly.
Firstly, as the last update, you announced a buyback, which was due to commence on August 5. Has it commenced? And how far along in the
program are we, currently? As I haven't seen any announcements.
Question: Edward O'Flynn - Parma Investments - Analyst
: And on that note, are there volume restrictions around how many you can buy on a daily basis?
Question: Edward O'Flynn - Parma Investments - Analyst
: Thank you.
Question: Edward O'Flynn - Parma Investments - Analyst
: And, also, as you know we are one of, if not the largest, shareholder outside of the family. And ourselves, along with other significant shareholders,
have been requesting an uplifting to the main TSX to increase liquidity analyst coverage and, in turn, hopefully to award the company's shares
valuation that we feel that it deserves and that you, guys, deserve.
A few months ago, you promised it would be looked into but your Board, outside of Andrea and your Chairman, have refused to engage with us
further on this. So we continue to believe that by not choosing us to uplift (inaudible) onto the main board on the TSX, it's not acting in the best
interests of all shareholders.
And by choosing to not do so, we'll be focusing on the preference of one large shareholder being the majority owner. So what I'd like, please, is
an update on any progress? If it has been made on this front? And if there hasn't been progress, why is that the case?
Question: Edward O'Flynn - Parma Investments - Analyst
: Yeah. And I suppose, on that note, if the decision has been made to not uplift your enterprise value, excluding leases, it's now currently negative.
You usually associate that with companies that have extensive cash burn whereas you, guys, are generating decent cash.
So how do we get to a point where the Board addresses the major disconnect with what your company is actually worth and what your shares are
worth? What is going to be done, given the decision to not uplift? What is going to be done, outside of the operational day-to-day of the business
to address that?
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