The sales will be erratic as VIV go from making inroads with the big blue chip clients (like Coca Cola) on singular sites to eventually large scale roll outs across multiple sites.
You complain about the staff costs but in order to make sales they need to hire more sales and marketing people to get the ball rolling! Patience is key. I note you are no longer a holder, so you probably want to see VIV drop further for your own validation, but I wish you well on your future investments. I did enjoy your devil's advocacy approach. It's good to have people questioning. You could be right, I could be wrong. Time will tell.