BM13,I largely share your sentiments but the key point is that a...

BM13,

I largely share your sentiments but the key point is that a line has been drawn under the old regime and the new Board and management can get on with growing the business in a sustainable way.

Also, the old management was rewarded on Group EBITDA (which ignored rent as it was in amortization of "right to use" assets and websites which were capitalized and then depreciated.....). And as Group is different to "attributed to owners of AFL" EBITDA attributable to outside equity holders were included in EBITDA..... So there was a failure of governance (including having an Exe Chair) when setting performance targets. You can't blame management for meeting targets that have been asked (and rewarded) to meet.

The new governance structure has established performance targets that should better align shareholders and management.

Best BSP

NFA, GLTAH, DYOR