Ann: Tomingley Debt Restructured, page-40

I thought the Crux interview was very good. The interviewer called out what has bugged us all - it's fine being conservative and spending lots over time and having a great future, but if it's not reflected in share price improvement then what's the point for the shareholders? ASM bonus aside the returns just haven't been there.

For me that means the portfolio approach needs to reflect the nature of the company and its prospects in that context. Now holding 25% of what I did at an average of 45c I think it's a case of set and forget. If Nic is right and the crystallising event is the pivot point around expenditure and return at the end of this year or early next year then I'll let it run and refrain from checking in every day for progress. As Grandma Eagle used to say - a watched pot doesn't cook - especially this one which is a cast iron cauldron set over wood shavings.

There are other companies with other styles which to me also look promising - look at Brightstar with a young articulate chief executive who is absolutely clear on what he is doing, and a company with several mergers behind it in the space of a couple of years.