Changing of Hands, page-28

The 3.5c oppies start at late Nov 2020 and further out from there. There are generally three reasons for converting oppies early.
1. Dividends
2.Take advantage of rights issue if advantageous.
3. Sell into market.

I can't see 1 or 2 in the near future, thus anyone (mostly higher board and management) converting would be doing so to take a profit. In other words this would add supply. 

I'd rather funds be added from profits than dilute our holdings.

There are 2 negatives with CNW that are obvious to me. One is that whilst sales are high, margins and earnings are low. This I hope will change as revenue grows. The other is the huge number of beneficial oppies given to upper management. I realise incentives need to be given, but oppies currently account for more than 10% of shares. As the SP fell, staff options expired worthless and so an even greater number were given at lower prices and incentives to compensate.

In spite of this I hold because I believe, ( hope), margins will increase generally and the Professional Services become a greater contributor to the earnings.

Half yearly will be interesting as to what they say about future forecasts. A couple of nice contract wins recently and more would be welcome.

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