Ann: Change of Director's Interest Notice, page-27

Based on my market intel, the Cutlet is right, they have no real infrastructure capability, so that is a moot point.

They had $60m in cash at 30 June 2015. Since then they've paid a final dividend and bought a $14m business from cash. And their operating businesses appear to be break even at best. The $27m figure is fanciful.

They would have $30m cash left at best.

I don't work for this business so I do not have first hand experience of its management. But people who seem to know what they're talking about say that the inmates are running the asylum. For me, this is persuasive and aligns with my own discussions in the market.

I would wait for the half yearlies before re-assessing this as a yield play. People with apparently far more intel than us are saying that this business is in serious structural and cyclical decline, with major governance issues as well.