some extracts from last months article in the sydney morning...

some extracts from last months article in the sydney morning herald may help to explain the shareprice drop.
Add impatience, risk, 6-7% low risk investment returns on cash & bonds

Sep 12 2023
Sympli, a start-up half-owned by sharemarket operator ASX Ltd, conducted the first electronic conveyancing transaction from an operator other than the $2 billion ASX-listed PEXA

PEXA – allowed for the electronic settlement of property transactions for the first time with land registries more than a decade ago.
It also allowed for the online lodgement of registry instruments and other documents with land registries, such as remortgaging home loans with a different lender.

The prospect of competition was one of the shadows on PEXA’s horizon when it debuted on the ASX with a $3 billion valuation.PEXA’s big selling point was its
monopoly position as the paper-driven property conveyancing industry moved online. But the company was counting on overseas expansion into markets such as the UK to justify the multibillion-dollar valuation for a business that had yet to make a profit, despite generating $218 million revenue for the 2021 financial year.

PEXA generated $283 million of revenue last year with profit margins of more than 50 per cent – mostly in Australia, from the 88 per cent of conveyancing transactions that were conducted online.
It reported a loss of $21.8 million, but this included significant investment in overseas expansion.