Not sure why you say previous management were the problem. While the management of the new IT system was under Andrew Joust (Spelling?) the blame for the total mess,under the heading of 'poor integration', can be laid at the feet of the current board. The Chairman, Shane Tanner, has had oversight through the whole disaster and the previous+previous CEO that made all the acquisitions without properly planning how they were going to be integrated was Mark Simari who now sits on the board. The concept of bolting on acquisitions is great if you have deeply studied the business, identified the synergies and have a integration plan developed and ready to roll out. All evidence points to this being barely considered and VERY poorly handled. Plus, thinking an early stage software development company (MIDAS?) would work as a bolt on profit centre rather than an uncontrolled money pit was naive for such supposedly experienced business people. Burned, and a little bitter.
PGC Price at posting:
24.0¢ Sentiment: Buy Disclosure: Held
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