Management have maintained the same communication standards since the change from ICU. There were always lots of complaints about the communication well before the CR.
All of your complaints about the business are the same. The app isn't good enough, they said they were expanding into SEA and now they're only staying in Malaysia, they spent all the CR money, Management don't communicate, they're too slow compared to Atome. It's like a broken record and it's all because things didn't pan out according to your expectations.
"The app isn't good enough" - the myIOU service has transacted approx $8.6m and provided approx $670,000 NTV in 6 months. That's pretty good for a first version imo.
"They're only staying in Malaysia" - that's just straight up incorrect. Page 8 of the September Quarterly activities report stats that expansion into other territories is continuing now that the MCO has lifted. Why not get it right in Malaysia first before rolling out everywhere? Version 2.0 comes out in Feb/March. Launching an even better service into bigger markets would yield even better results imo.
"They spent all the CR money" - They spent a large percentage of the CR money acquiring an asset with a customer base with secure income that likes to use debt. The asset also return close to 10% per annum. The fact that it's a Malaysian company doesn't mean they haven't used the cash as stated. Look at the announcement for the $50m. One of the key objectives was expanding operations on Malaysia. This acquisition was in line with their stated objectives. It's like saying APT or Z1P shouldn't have acquired assets in Australia when they launched because they're goal was to operate in the US and the UK as well.
"Management don't communicate" - they haven't changed their communication style. Could they make more announcements about their actions? Of course they could. Would this change the share price? Temporarily yes it could but everyone knows announcements about business developments present trading opportunities only. The annual reports which are audited are the only thing to change the actual fundamental asset value because it's a real look under the bonnet so to speak.
"They're too slow" - This is subjective. You have to crawl before you can walk. 6 months the app has been in circulation. They've identified improvements and instating them Feb/March 2022. That's approximately 9 months after the original app launch. Not exactly a slow turn around to have the app and website redeveloped.
In my opinion this is in line with how long it takes to develop a business. Just because you're on this thread posting every day and you don't get an announcement every other day doesn't mean the business is taking too long to develop. The real issue is when you look at your own holdings and see red. There's no such thing as an overnight success. In fact a great quote I heard from a founder of a startup is, "Everyone thinks we're an overnight success but I guess you could say we're an 8 year overnight success because no one knows about you until everyone knows about you".
IOU Price at posting:
21.5¢ Sentiment: Buy Disclosure: Held
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