Ann: Appendix 4C and 3Q20 Activity Report, page-68

Narrator: "Competing companies did not, as it happens, take turns".

I wonder if the COVID-19 epidemic being intensely concentrated in the USA has been a headwind for FLN relative to UPWK/FVRR. Surely their willingness to spend big on marketing in that region has a disproportionate effect during a pandemic. This is the perfect time to be spending money, not hunkering down to show a profit to please the ASX dweebs. Who's gonna care that they have a few extra mil in the bank when they hit 4% market share?

Picturing FLN delisting on ASX, relisting on NYSE or NASDAQ. Raise a ton of money, get a real board and an exec team with experience somewhere other than FLN, kick MB sideways into some sort of prestigious-sounding role and let SC and MB cash out big time - dropping down to say normal levels of control of the company and not the 80% that they currently hold. MB can run for Night Mayor of Sydney or King of Twitter or something. Someone competent could sort out where FLN spends its money and figure out which bits are just monuments (the big head office in downtown Sydney, for a company that doesn't do real F2F business in Sydney) to make MB feel important.

"Market discipline" is a joke if you hold the overwhelming majority of shares and the response to the bad news (or lack of good news) that you're generating is to hoover up more of the shares. What do people think FLN would be trading at if it wasn't for the "MB/SC put"? As it stands, it's a thinly traded stock with no real downside as MB and SC will buy it from you if it drops much below 50c.