I'm not sure NTRC knocking back the Ladbrokes application can be...

I'm not sure NTRC knocking back the Ladbrokes application can be blamed on management, that is a pretty clear known risk which is outside their control.

Given there was a 0% discount to the placement, I don't think they wanted to raise more than $1m, if they did they would have offered a larger discount.

Overall I think management are doing a great job, they are pioneering a space and when someone does that there will always be ups and downs.

I own this for what they are building not the share price on any given day.

Buying more at these levels, as I didn't when it was smashed to 10c when the TBH/Global Tote was knocked back. It's not without risk but the business is one decision at NT away from profitability, I like the risk reward.