Ann: Half Yearly Report and Accounts, page-13

I think it is always a good idea to remain sceptical (especially in the small cap world) but I have to give RFT management more than one slightly disappointing quarter before dismissing them.

As jarrody correctly points out, these guys provided interest only loans for years to keep the company afloat when they had no access to debt. Also, we can see from the top 20 in the last annual report that the BMW announcement was when a few key RFT employees bought millions of shares. I fail to see how that is a pump and dump because as far as I can tell no one sold a single share. A few HotCopper day traders getting excited and then bored because of the extra volume doesn't constitute a pump and dump.

No EV revenues was a surprise, but does make sense. It is likely the revenue in the last half was prototype/testing payments from Efacec. Unfortunately we do need to be patient for the QC24S and anything else we may be working on to be scaled up to sales.

On the warehouse, again I will take 3-4 years of evidence over one disappointing quarter. RFT management have shown nothing but cost discipline since taking over. While the decision now looks odd, we are likely to see increased revenue in the future requiring the extra manufacturing.

Anyway, you may be right. It is always healthy to remain sceptical of your investments and I'll certainly be keeping an eye out for any other signs of potential manipulation.