Yes, very disappointing
In hindsight, PIE were on the money when they flagged this additional expenditure in April:
"We expect some reinvestment may be required in the short term, but believe that this will provide a platform for CGO to accelerate its growth profile in FY15"
http://www.piefunds.co.nz/newsletters/PieFunds_Newsletter_April_2014.pdf
Ann: Preliminary Final Report, page-4
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