Ann: Notification of cessation of securities - SWF, page-31

All reasonable comments.

"I see you pop up on a fair few of the Hotcopper sub-forums that I read too Madam so I assume you're similarly a value-oriented investor who looks at the SWF cash on hand, lack of debt etc. and also gets tempted at this (seemingly) low price."

Yes, my assessment is that the stock price is starting to compress against the cash backing and free cash flow yield fundamental support, so I believe the downside is limited.

But my philosophy when dabbling with turnaround stories, especially when they are illiquid tiddlers like this one, is that limited assessed downside needs to be combined with significant upside ("significant" implying the potential to at least double in value).

And in this case the latter prospect is difficult for me to envisage.

I don't think scope for valuation uplift will receive much support from the external environment (although, as I said in an earlier post, it wouldn't take much to swing sentiment; trading activity doesn't need to get a whole lot better; merely less worse would also do it).

So the "surprise" to get the share price going will need to come from self-help initiatives. And, no, that doesn't mean announcing allocating shareholder funds to the development of new products; rather it means slashing the cost base to a stay-in-business minimum and building the cash pile.

But I'm not holding my breath for that, given the tone of the commentary, that accompanied the recent executive appointments of CEO and NED, which had too much reference to "growth" for my liking.

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