I think there were 6 board members prior, so now Merchant has...

I think there were 6 board members prior, so now Merchant has one of 5 board seats. Although Andrew will presumably argue for shareholder value, they are far from having control with Joanne still the largest shareholder and hence dominant Board member with her other appointees still in place.

This looks like the capitulation of the Merchant Fund in their effort to change the company's direction, in favour of continuing to pursue the 1Page HR product. You need to think about whether you're happy as a shareholder to be invested in this product.

I got interested in this stock as a potential cashbox. That opportunity appears over now, so I wouldn't touch it. The problem is this Board has excess capital, so it's too hard to blast them out and they are going to continue to run down cash trying to bring the dead parrot product back to life.

It's a shame. Feel sorry for retail holders stuck in this.