Ann: Half Year Market Update, page-12

https://hotcopper.com.au/posts/40311516/single

So continuing the narrative...

Two months ago:
Board: Tell me what your vision of the future is.
Old management: The high road.
Board: Tell me more.
Old management: You know our business in WA that we're meant to be using as a beach head to sell our broader set of goods and services into the state. The previous owner has taken our business.
Board: Tell me more.
Old management: The previous owner was shifty. That is why they took our business.
Board: When did you find out?
Old management: After we lost a third of the business a couple of months ago.
Board: Why are we hearing about this now?
Old management: You remember a year ago when we said, "We need to spend big... on... consultant and IT friends for cost out and new systems.
Board: Tell me more.
Old management: Well they messed up. I would fire them but, you know, we've already spent millions on the system and they know our new systems better than anyone else.
Board: Tell me more.
Old management: The system they said would be up and running is... well not working. We've being tracking our sales on paper and receiving them via pigeons. So we only heard about the shifty previous owner taking our business last week.
Board: Tell me more.
Old management: We have achieved organic growth on the rest of the business, except we haven't billed our customers or received any cash yet.
Board: Let me guess: new systems.
Old management: Wait! [The Board may be catching on] Who told you?
Board: So if I paraphrase. You took the high road. Paid millions to consultants and IT friends for systems that don't work. Because you have no idea about the finances, you let a previous owner walk away with a third of their old business, which will be half of their old business by the time the next set of pigeons land. And you haven't been paid for selling goods and services for the rest of the business. Tell me more?
Old management: I've decided to do the honourable thing and let someone else sort out this mess I'm leaving you with.
Board: I think we need new management.
New management: At your service. What would you like us to do?
Board: Don't mess things up like the previous management and we'll do just fine.

Today:
Investor: Why should you [Board and management] still be in place?
Board: We have already replaced the previous management. What else do you want?
Investor: Dividends would be nice.
Board [to communications department]: Tell them, they're dreaming.
Communications department [to investor]: No dividends... until the company fixes its cash flow problem.
Board [to themselves]: We'll just collect our Board fees for now.


I’m sure this is not what happened, but the consequences of the past few months could support that narrative.