Long term holders (and that represents probably over 90% of the...

Long term holders (and that represents probably over 90% of the stock) have been very patient with management. That also represents the fact that it has been virtually impossible to sell out rather than loyalty. The lack of anything positive over the last few years has not been attractive to investors looking for microcap opportunities so Corum has been one of those very illiquid stocks in the market. I think only one or two large holders have bailed out and probably wisely looking for better opportunities elsewhere and that has been largely responsible for the extensive sell down in the range from 15c to 4c from mid 2015 to mid 2017. I would expect most of the remaining larger share holders ( we will leave out Lujeta) are owed 10c to 15c to break even.

Management is putting a lot of faith in Corum Clear turning around the fortunes of the company and that of it's shareholders. It is probably very good timing coinciding the market release with the virtual launch to all Australians (other than those who opt out) of My Health Record where pharmacies will now have their biggest role ever in the healthcare network. More than ever will pharmacy software, connectivity and data storage and security have to be state of the art and this should put Corum at the forefront. I am sure Corum's team at the front will be working flat out to get near to 100% conversion of clients. The advertising spend needs to lifted of course.

Success with Corum Clear with it's current clients should have an immediate impact on revenue during the rest of 2018/19 FY. Proving it in the industry at large will be more important though and it is vitally important that its success will win over some of the large group pharmacies. It will then present an opportunity for Corum to win over the odd pharmacy using the old clunky software or eventually buy out a smaller pharmacy software provider that must become a marginal player.

So we know what is Corum's game plan, but will it be able to execute? It depends on Corum Clear living up to its promises. So at an entry point of under 4c for investors looking at microcaps or current holders looking to average down it is probably the right time to have a good look. Any sign of revenue growth from here, perhaps even as early as the 2018/19 interim financial report, should see the share price rally.