Ann: FY24 Financial Results and FY25 Outlook, page-117

Sam - I think your analysis as set out above is pretty bloody astute. However, I don't think the new RED management would be happy to have the details you've set out widely discussed amongst the investing public.

My feeling is that new management is currently wanting to set a very low starting point for operations so that in 6-12 months time, their stewardship of RED will look first class.

Graduates of "Taking Over A Business 101" would recognise the early expensing of items which could be expensed over a longer life, the initially expensing what could possibly be considered capital works, the inflating near term cost estimates and the downplaying future revenues etc etc.

The announcement of these types of activities can depress the share-price temporarily and if they're leading up to an AGM, Directors may cop a spray from disgruntled tiny shareholders.

Still, if the AGM approves share-based incentives to management and the Board, the temporary dip in the share-price might end up proving to be an absolute boon for those who qualify for that largess.