Hard to have much faith in mgmt after the last 12 mths: - ACV...

Hard to have much faith in mgmt after the last 12 mths:
- ACV increasingly challenged as a measure and disappeared after Nov22 possibly because even the tenuous basis they used to calculate this figure resulted in them having to report a slowdown/negative growth
- cashflow has just not materialised and if you look at the 12mth trailing numbers, has in fact been particularly poor in FY2023
- on the 28th of July they released a price sensitive announcement but what was quite explicit in that announcement was any lack of detail of when and how much would come to 3DP
- on the 31st they released a 4C indicating the worst cash receipt since 2Q21, highlighted that they had collected 1.8m in July and explicitly stated "The core business operationcontinues to self-fund organic growth across the business in Australia and the US."

		Cash Receipts (AUD)	TTM (Cash receipts)	Growth	Net Operating cash	TTM (Net operating cash)
1	1Q2020	306			44
2	2Q2020	185			-787
3	3Q2020	532			-297
4	4Q2020	820	1,843		220	-820
5	1Q2021	609	2,146	303	-333	-1,197
6	2Q2021	635	2,596	450	-231	-641
7	3Q2021	1,374	3,438	842	211	-133
8	4Q2021	1,453	4,071	633	98	-255
9	1Q2022	983	4,445	374	-931	-853
10	2Q2022	2,849	6,659	2,214	800	178
11	3Q2022	2,360	7,645	986	64	31
12	4Q2022	1,661	7,853	208	-1,387	-1,454
13	1Q2023	3,411	10,281	2,428	213	-310
14	2Q2023	1,962	9,394	-887	-977	-2,087
15	3Q2023	3,256	10,290	896	531	-1,620
16	4Q2023	782	9,411	-879	-1,791	-2,024

Has Olsen fronted up to anything in the last 6 mths to explain any of this; if there was a way to burn your bridges with shareholders, he has certainly gone about it the right way.

The only upside is that he has only raised 2m so the dilution is limited, but given the abovementioned behavior, I would not bet against the price falling below the 12c raise price and the SPP falling over.....it does not indicate whether Veritas will take up any shortfall, but that 6% fee does not seem enough for them to cover that risk....lets see what the 23rd details show.