Ann: 2023 AGM Company Update Presentation, page-16

Agree. There are some commentators who are wildly optimistic at every turn. AFL didn’t bring any efficiencies to the firms it acquired. If anything jt went backwards as AFL had less mature systems than the firms it swallowed up, and it had painfully inadequate ability to integrate them. What its “leadership” at the time had though was a great sales pitch of disruption and exponential growth, all the while knowing they personally were the only ones making any money thanks to incentives that rewarded the wrong things as far as shareholders were concerned.

The whole thing has been a complete mess, but I personally think it’s great the new board members and leadership are taking the time to bed down systems and demonstrate profitability before taking on more debt for further acquisitions they can’t properly integrate.

I’m not hanging around to see them at 40c again, I think that ship’s sailed, but after averaging down I’m about even and will be pleased to see some decent EPS numbers which might set AFL up as an acquisition target itself.