Ann: Appointment of Administrators, page-10

I "escaped" with a 50% capital loss after buying in several years ago on the back of strong sales, without taking into account that the cost of those sales far exceeded the proceeds. I kept following because with such a low market cap I figured there might be an opportunity to get in very cheap if it showed signs of being profitable. Unfortunately it was always a case of strong sales incurred at far too high a cost under Mittoni, or fixing the cost structure under Penny Cox but destroying sales volume in the process. The final quarterly report indicated they might have been able to find a balance between the two, by which time the patience and money of their benefactors was exhausted. As for CBA...now may not be the time!