Ann: Retirement of Company Secretary and CFO, page-9

It’s a hard to determine exactly what’s going on.

Firstly, the CR and the time it took to get cash for the brand rebuild and advertising was in retrospect bad timing. However, to get perfect timing would require a crystal ball and start the CR about 6 months prior to covid starting. No one has that skill, but it would have been prudent to have the ability to reduce advertising costs if the market soured. It appeared the full steam ahead approach was used while the market sentiment was ebbing.

My biggest gripe is the need to have unnecessary multiple layers of management in roles that may be considered questionable. I know of another company I hold that could be more efficient but have put the ball and chain on by loading up with various positions (these jobs have word salad title using chief, senior, manager, executive, director, lead, head, assistant, etc). Not sure if these companies are CentreLink offices or efficiently run companies. Hey, but when there is a threat of consistent negative cash flows, too many CRs, upset shareholders or near bankruptcy then they have no hesitation to drop staff - bit like what is happening to the smaller fintechs that are struggling.

The next quarterly is her last chance as far as I’m concerned. It’s not that hard to have some conservative approach in tougher times. Just hope she’s not delusional. Take off your rose coloured glasses. Have a spending spurt when times are good and ease off in times like now.

Investing wasn’t meant to be easy!