I don't think any of that really applies since the GFC days to...

I don't think any of that really applies since the GFC days to be fair.

They bought Emerald just pre-GFC and were gearing up to do a big lease business when the GFC came and that was the worst time to be in that situation. Took them several years of trying to put out that fire, sell assets and focus on the IAP and PTB businesses. Since that was bedded down in about 2015 and leasing was put in a separate business (around when the current CEO and Chairman came on board) I think their growth of shareholder value has been excellent. (indeed before that I'm not that critical of them - just chose the wrong business model going into GFC and blew up like many people. they did a good job just to survive the next few years).

The Japanese connection, growth in the engine management program and USA move - all drivers of recent growth - have all come under the current management. They have always been involved with the business though to be fair.

If you bought the shares at between 25c and 35c anywhere between 2014 to early 2016 you would have been paid out 29.5c in fully franked dividends (42c grossed up) and be sitting on shares worth 45c even after the recent large falls......200+% shareholder return over that period since current CEO on board. Good enough for me.