Ann: Change of Director's Interest Notice-EAX.AX, page-4

Hi smallbear, it is unusual for a director to make such a big purchase just prior to bad news appearing (although I doubt he knew that either of the events mentioned below were imminent) . However, looking at this company, management already owns large amounts of stock. In fact around half of the free float is held by insiders or the microequities fund. My hope is that they will look past short term hiccups such as the hazelwood power station closure and the unfortunate weather in SA nd focus on building the business. In particular their monitoring/diagnostic software looks promising.

What can I say, I am a sucker for lost causes - this looked cheap on a recurring earnings* and FCF basis to me so I bought. No doubt this will be a rollercaoster with such limited liquidity and little interest from the wider market.

* Note because of the earnout in place the last couple of years, the earn out fee should be added back into the NPAT to determine the underlying total. Another point to like about EAX is the pretty consistent topline growth since listing.