Ann: Alcidion Appendix 4C - Quarterly, page-17

"More like a scratched record !"

A valid criticism, I think. They have made too much, too soon, about new contracts and M&A activity, and can hardly complain if shareholders are getting exasperated. We're told to expect moves in North America, then this is unexpectedly replaced by the UK, then the UK just evaporates... and so on.

I don't get the impression any of this has been deliberately misleading - just a combination of serial over-optimism and lack of discretion. Inevitably it damages credibility, and the current sp is reflecting this. That said, it's easy to make too much of PR failings of this kind, and I don't doubt that a lot really is going on behind the scenes. If and when the deals and contracts do start flowing, I think we'll find that market forgiveness kicks in quickly enough.