Mark F presentation 2nd June on Webex event, page-18

Thx for posting!

Lots of unknowns and speculation on what’s coming but despite my poor view on management and recent substantial misses in terms of guidance, I have held because even simple analysis shows that the 2020 Christmas period has the potential to take this stock back to +30 cents.

At present levels it deservingly remains under valued, having until very recently traded around NTA, which considering the growth, schools business and SaaS component really highlights how little confidence investors have with management but also how under valued it is.

But when/if management restore trust and deliver on potential meaningful catalysts that will occur THIS year then it will re-rate and instead of trading at a DISCOUNT it will likely trade at a PREMIUM.

My biggest question remains the capital structure and how Christmas working capital will be funded but I guess we will likely find out the answer to this question very soon.