Ann: Investor Presentation - August 2024, page-4

Yes unfortunately I've decided to sell today. Learned some painful lessons with this stock.
Main problem as I see it is the convertible notes, which seemed to stem from the strategic approach to finance owned vehicle fleet.
Second tranche of finance required the recapitalisation which came from (conveniently) iPartners.
Looks like they screwed shareholders over with that, and iPartners will own the biz basically unless I'm mistaken.
I guess there was never really a path to profitability from the asset heavy model. Yes, they primed operating cashflows and gross profit, but the financing costs are significant over the long term and show that the level of scale required for profitability is really high. Very tricky to get there without rinsing your shareholders over and over again. The FY24 loss was pretty hard to stomach, although shouldn't have come as a surprise.
I see Chris recently ticked over 10 years with the businesses, which is a great milestone. I'm sure he'd love to see it succeed. Anyway no hard feelings and I hope they get there.