Ann: Client Update, page-2

That's a big project to rewrite from scratch. Someone must have come in with a really good pitch.

One of the best things about these guys has been their client list. If a client as conservative as the Tax Office is moving on, that is not a good omen for the future.

At 31 Dec 2014 they had $16m cash with no debt, and they were generating cash from operations, so going broke is not an immediate prospect.

However, all of the $5m generated was paid out in dividends. So if net revenues decline, the dividend is likely to be at risk.

I thought about selling a couple of years ago, but held on because of the dividend. Now I'm like a rabbit in the headlights, not quite sure what to do. But I certainly wouldn't recommend new investment until it settles (which may not be for a while).