Ann: Annual Report to shareholders, page-5

The issue investors are worried about is the balance sheet, but that can easily be dealt with either by drawing on the loan or doing a small capital raise that shouldn't be too dilutive to shareholders. It's not ideal, but the stock is also well off its highs (and lows).

It's clear to me with the nasdaq running so strongly that a business like icar asia would be increasingly supported in the markets given investors willingness to look through the short term challenges to back long term winners. With malaysian economy re-opening, outflows could improve. Also one shouldn't discount the strategic value of icar asia to carsales.com.au, longer term it's likely to be taken out with a big takeover premium. Let's just hope long suffering shareholders don't let it go too cheaply when the inflection finally comes through!