why after an announcment does the sp drop?, page-19

Totally agree SD

Quote from open briefing at time of capital raising in July:

"We currently have some $7 million of customer orders that we need to fund, and as I already noted, this bulging of the order book has created some cash flow issues."

This was the stated rationale for the capital raising. But it now appears that $7m is either or both:
1. $7m was revenue over many years, and not immediate
2. $7m was probably gross revenue out of which they have to pay suppliers like Optus etc, yet given they are acting as agent and don't have price risk, they don't have the right to book the gross revenue. Thus, the real revenue, which they are now disclosing is a fraction of the gross receipt.

The big unknown here is why profit is impacted by the accounting changes. If they no longer book the gross revenue, then shouldn't expenses fall by an equal amount.

Bottom line, shareholders have every right to be disappointed with the disclosure. Whether intentional or not, disclosure has been horribly ambiguous, and it seems that many shareholders have been misled by the announcements.

Personally, I like the look of the underlying business, but disclosure has been very ordinary and dissolving trust. Let's hope they don't need capital again in the short term!