MSL msl solutions limited.

"Hé mentioned quarterly results would be given ‘before end of...

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    "Hé mentioned quarterly results would be given ‘before end of quarter’ but maybe he meant the end of this month? At another point I think he said in a couple of weeks. Anyway, regardless he seemed to be hinting very strongly that they would be good.
    I didn’t take much from the SPP discussion as far as what total they would take but my connection was terrible during that bit."

    The space in which they operate is a competitive one, so if you want to invest in this area, you need to be very confident that the folk, who are navigating your boat through the competitive waters, know what they are doing, and they won't do any dumb things.

    So it largely boils down to a "Trust Management" exercise.

    And these guys, having turned the business handsomely cash-flow positive today (FCF of +$4.1m in FY21), after it was hemorrhaging cash in FY19 (-$6.7m) and FY20 (-$3.8m).

    That near-$11m favourable swing in cash flow was accompanied by a mere $5.7m increase in Issued Capital, so its not as if they have been throwing a mountain of equity at fixing the problem - it has been solved mostly organically given they have kept the equity base nice and tight.

    Which is why my trust in management justified my owning shares in MSL, despite the competitive landscape being far from benign.

    This latest transaction - which appears to me to be an eminently sensible one - and the accompanying funding mechanism (including the protection of minority shareholder interests in the form of the SPP), reinforces my trust in the board and management as stewards of my family's capital.

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