Ann: Appendix 4C - Quarterly Report with commentary, page-83

 exceptionally intelligent and shrewd. not naive at all imo. took a lower sale price on  share sale - defuses any later charges

bulletproofed the primary issue of handwave bs income targets by caveatting - but couldnt bulletproof on the cessation of direct installs because  needed the mometum of that implied income and proof of 'pull' demand to underpin the cap raise. but times were good and money easy and funding a direct install team hard, expensive and moreover would have proven knockback and that eois werent as respresented

no moderately experienced investor took the 3rd party revenue targets for granted or at face value

but what informed market willingness to consider they may be in that ballpark was the preceding baseline platform of direct install demand - having been told in black and white that demand was so strong in direct interest - the market naturally then gave BoD to 3rd party installs coming in robustly

so did it by omission - one's minded of Kogan's behaviour in selling that massive parcel of shares last year - then reassuring market sales were healthy with some slight caveats about unknowns - then quarterly comes out and sp falls in a heap

the market is replete with quasi sociopathic mds who game investors

none of this means that they arent trying to build a real business - that the business wont end up being successful etc

and ofc they always hope that the airpockets they create through spin may be filled by natural external forces covering their tracks

nearly all the small cap tech juniors  who rose so sharply have suffered big falls from grace - have a look at knm, yoj and icq

but BUD went so far out of its way to create a perception of professional, shareholder focused management.  hence why run up was so considerable and the disappointment so much worse