No comms on Facey, Insta, Twitt.er and the F.orums & T.witter are dead and unmonitored, all of which seems very strange because at least some content should be automated months in advance. Is this indicative of something big brewing behind the scenes, a shift in strategy or the social media manager no longer with the company? We definitely dont know.
I think largely due to the manner in which it was communicated we are only just now actually realizing the effects of the app not being functional and its actual cost to the business. The business obviously knew but it was kind of breezed over at the time but in retrospect that app was the entire justification for the cap raise (as far as I was aware?). By not being overly forthcoming and transparent around exactly what occurred there was no drastic sell off, but instead a sustained dip as we become more aware that instead of a moderately risky yet viable business that at least had some form of consistent ongoing revenue (the app, subscription fees and mobile tournaments) alongside big injections of cash from the corporate gigs, we now have what seems to be a completely unsustainable business model i.e. $3 million in tournaments annually not including the additional costs that would come with running that many large tournaments.
I honestly have no idea. I actually get the impression that there may be some serious cultural or staffing issues going on behind the scenes but who knows.
I don't have a lot of experience in the share market and I'm fortunate that this is my only poorly performing share but it's kind of laughable now. I'm still optimistic that something may happen and I know the board is full of people much smarter and more brilliant than I am but then I also would have thought that about Enron and to be honest I'm at the point where I think the only way we will ever find out what's actually going on is reading it in a random article in the fin review in a few years time outlining a completely dysfunctional lifestyle company or some other type of mismanagement.
Just put on a couple of tournaments with $20k prizes, jesus. They spend more on coffee than that each year.
Sorry for being negative, but in the absence of information what else can we be.
Hopefully they explode of the blocks tomorrow with rewired and prove me wrong anyway.
ESH Price at posting:
0.6¢ Sentiment: Hold Disclosure: Held
