Ann: $100M Lasers & Ultrasound business sale to Lumibird Group, page-47

We agree on many levels and I was looking for that growth stock - it was just better funded in the existing structure. I do think management have been great. I have no criticism of them at all. I really probably question our values as investors who seemingly cannot invest in longplay outcomes. We are so ruled by Quarterlies and half years that anyone saying that its a long play has to be in the disruption industry. This disruption here has a slow and regulated step by step and doesn't excite the thrill-seekers.

There is one management failing I do see - they should have addressed the possible breach of facility terms and conditions a lot sooner and dealt with that.

Once you start taking out the cash generators you pay the tax and then you get no funding contribution.

Probably the biggest challenge for me was Where did Victor Previn stand - To change my view I would have to meet him and decide what energy was left in this really great innovator. The executive management team did not impress me, to be honest. I am an accountant but we get to run businesses far too often and running it by the numbers lacks the passion that a pioneer has.

I have tried to invest here before but at the times I looked it was either too expensive or there were too many unanswered questions. Like adequate divisional reporting that we have seen this year.

I understand the 17c and then big profit - I had that in PGC but I should have comp0letely sold out rather than being nostalgic there. I reduced a portion of my profits in pursuit of past glory.

Thanks for such a great forum not often seen on HC.

I agree fully with the fact that you will have a much smaller company with a war chest. I am concerned that the company ends up in no man's land. The founder and the board may very well underestimate what it would take to complete the projects. Is there a competing - pay it all out - short term shareholders ( or older investors now needing a payday) vs keep more than enough to complete the tasks and let it rip. I decided that given VP, his age his retirement from the executive role that possibly that was a huge risk and I would not leave that calculation to a financial person now CEO.

But again thanks for all these great contributions to a very interesting story.