Why do fund managers support this company, there must be a few...

Why do fund managers support this company, there must be a few in the share register, with a market cap of $90m (undiluted I guess, who knows once the unlisted options are added), but losing

Salaries and wages increased by $400k in the annual report, but they lost 34 employees......total expenses across the first 3 lines (includes Super and Commissions) we just under $8m, divide that by 390 employees and that is an average wage of $20k a year. But we know the Execs make significantly more than that, so the average worker would be getting a lot less.

The remuneration report gives a good insight into the Exec costs and the bottom 3 lines above summarise it:
- Base salary
- Short term incentive (share based)
- Long term incentive (share based)
- Additional incentive (share based, contingent on being EBITDA positive in last 2 QTRS of calendar 2020)
- Other benefits (Housing - $40k a year for some execs and School fees - $20k a year per child)

In total, it looks like they burnt another $2m in these areas last year and those expenses will be significantly higher in certain periods, say early 2021, if the additional incentive lands for multiple execs.

On a separate point, I really can't understand the goodwill in the Annual Report. The Thailand CGU (cash generating unit) is valued at $15m, the Malaysian CGU is $1.7m. The workings state they are more confident in the Malaysian CGU and I realise they paid more for the Thai assets, but surely they should be taking a closer look at this.

Anyway, I can see why CarSales don't bother investing anymore in this and just keep their blocking stake in place.....having said that, if they took it over, they could pull about $2-3m in expenses out of the business straight away.