Ann: Quarterly Activities Report and Appendix 4C, page-23

I don't see every other company on the ASX laying out grand plans for expansion.

Managing costs is demonstrably doing something. There's little advantage is laying out their entire roadmap when there is literally no low hanging fruit at this point. Their last big thing was Hong Kong Trading, how many new customers did that bring in? What would that cost? Minimum $500K I reckon. What a waste.

Right now the best strategy is:
1. Rightsize the cost base
2. Harvest cash (while others burn theirs)
3. Chip away at the banks with tactical initiatives (Advisor incentives, new account types etc.) and don't telegraph your punches.

Their management changes have clearly led to a focus on profitability over "growth" initiatives that never stood a chance of delivering a return.

Is it really that difficult to see what they're trying to do?