Ann: Change in substantial holding, page-17

I thought there were green shoots in the half yearly, but there has been nothing further from the company (as expected) to ease the minds of the nervous (and rightly so) holders. Quite the opposite actually has occurred with Macquarie, FB and AFR etc happenings feeding into the negative mindset. It's been easy pickings for the shorts. 97% of the new projects were non ad related and APX were talking down second half ad revenue already which would have been factored into guidance. They would have been stupid to be anything other than ultra conservative on this front given this was the main issue in the first half.
The share price decline has been savage. AI is in its infancy, yes there is no denying APX have had to pivot and Covid hasn't helped but is it fair to be valued going forward like Coles? Yes APX management are predictable, boring and lacking perceived initiative, but this will also have the opposite effect to the SP when things turn around. The shorts get it wrong too and like the longs get greedy. Retail has also lost hope. Is Mondrian the smart money? It would be also interesting to see where the SP would be without their support-I guessing it would have a $6 in front of it.