Ann: Market Update including Revised Guidance, page-8

One of the worst updates I have ever read.

Their technology is apparently outdated and not fit to scale? This must be a joke as they were firing software engineers at the beginning of the year.

The CEO resigned out of the blue, this is an automatic sell signal for me and has served me well. It will take a good year for a new MD to get his feet under the desk and figure out core problems.

They have also breached several corporate agreements with AXA and others who are feeding them clients. SLA failure has triggered penalty fees which are now accumulating. I question if they take their continuous disclosure duties seriously when none of this was mentioned in the recent quarterly.

Capital is also now required much earlier than anticipated and the cost to fix the above is unknown.

I hope they turn this around or get bought out by a larger well capitalised business but the opportunity cost is too great.