Ann: Appointment and Resignation of Non-Executive Director, page-8

Back in Feb 2018 it looked cheap relative to its peers at 29c and I could envision integrating Linear would allow for huge synergies. To a degree that has proved correct, but obviously there have been issues that I did not allow for. Looking at it afresh today, its capitalised below $30m, has no debt, has expensed rather than capitalised software this year, will pay no income tax for a while, just the depreciation charge will suppress after tax reported, but cash flow will be greater than this.

setting aside it has risks and challenges, its seems priced accordingly, so to toss it out now would be against all my instincts. It looks like a classic contrarian recovery play. Lets see how the wrap unfolds!

All my very best investments have fallen first, although usually only by 10% not 66%!