I would love to share your optimism, and I was with you on most of your post, but to suggest the character who’s been the chief cheerleader and has now been exposed as an emperor with no clothes is an asset to the company… I’m afraid you lost me there.
The SP has tanked, the company failed to capitalise on what its chief cheerleader said was an unprecedented opportunity, they’ve lost staff all over the place, same-office YoY revenue went backwards in many instances instead of forwards, the business was pitched as being some “tech play” because they had Google AdWords set up and now they’ve had to write down the value of both their website and their brand after properly assessing it and after a fortune in bonuses have already been paid (substantially to people with an incentive to conceal accurate underlying numbers). Not to mention a completely botched and aborted merger.
In my view the clean-out of execs is not done yet. The only reason I haven’t cut my losses is because I hold out hope more competent management will be brought in at the direction of the new major shareholders.
AFL Price at posting:
10.0¢ Sentiment: None Disclosure: Held
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