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I'll preface this by saying PLX is a high conviction holding for me but I'd love to hear the bear case or "what sucks".
There's the obvious
>90% of revenue comes from McDonalds. Personally I think this is safe with McDonald's owning a 9.9% stake and taking part in the SPP.
Low insider ownership. A minor concern considering what management has done with this company in the past 3 years. It also wasn't enough for me not to take my original position.
New
Has management over-promised and under-delivered? Examples:
-missed October date for ASX listing
-stated ASX would be primary listing
-stated $50(?)M raise; is $30M enough to acquire much of significance?
-it's my understanding they've been promising a acquisition for some time (I could be wrong on this one)
I'd love to hear some thoughts, particularly on long-term holders insights on their faith in management?
