Ann: Appendix 4C and Quarterly Activities Report, page-50

I'm glad you are still holding PK.

I remember getting a copy of Logos public accounts close to the acquisition and not worrying about them running out of business.

The thing I did notice was the off balance sheet liability for their employment provisions, I don't think they had taken up any accrued leave and GSW would have to take up the provision through the P&L in one big hit, leading to a significant "loss".

Also, as you have said yourself in prior posts, Joel and Bane have been conservative in the financials, by not capitalising any development expenses. If there MO was to deceive, this would be their first course of action, capitalise development expenses, amortise it over 10 years and recognise a profit. They have rather, expensed it all.

All the expenses have been front loaded. The revenue from development is recurring and will flow for many years. The unit economics from switching to in house from menulog and co, which obscenly take up to half the order value whilst losing control of the end customer, are proven.

This will be one long slow build of intrinsic value. Slow being the operative word, and one that would make an investment banker used to deals with frequency much faster to look elsewhere.