Longshot, when I did my dd on this company some years ago, I...

Longshot, when I did my dd on this company some years ago, I went back and read everything. From the takeover of online sex toy retailer, Sharon Austen Limited to the then present date. I have since thrown out my notes but as dementia is yet to set in, I still remember quite bit about the fortunes and failures of this company.

Had there been a management bail out, that would have been disclosed. It was not. All Chris and the other directors did was take a pay cut for a couple (?) of years however that cut was not permanent and was paid as back pay when the business improved. In fact, I have vague recollections of a loan being made to Chris as disclosed in the related party notes. This is something I don't particularly like to see from a company.

Also, the what you describe as the "unforeseen DCB issue " should not have been unforeseen. It was simply the regulators bringing in "double confirm" (or something like that) as they did back when content was delivered via the SMS platform ie customers had to confirm that they were subscribing to a service as opposed to pushing a button once and being billed weekly forever thereafter. It was a case of when, not if.

You may also want to check how much Chris is being paid as a consultant. I can't imagine that it would be a token consideration. Plus is the ex-director that resigned earlier this year still on the payroll and if so, why?

I would also be concerned that the majority of the board is not independent. They are, in my opinion, stale. They should appoint someone with advertising experience given that is the new focus. Mobile industry and telco experience is becoming redundant for that company. Having industry contacts is vital given they have plenty of "big boy" competitors.

My two cents worth.