Except with this company the raises have been at lower prices....

Except with this company the raises have been at lower prices. Usually companies move to positions of relative strength after Capital Raises (the banks, the REITs, Metcash etc.), that's not what's happened here. So those raisings were demonstrably NOT a good deal.

I bought shares on a risk return basis based on information provided by management. One interpretation of that information is that they will now refine the business to return to profitability. On that basis I bought in around 41c and am still holding. Hopefully I do better than those who invested in the former Capital Raisings (now well underwater).

A less charitable view is that the original business was challenged from the beginning and the acquisitions have papered over a complicated assortment of IT platforms that will never be competitive with pure SaaS offerings. In which case the best we might have to look forward to is another 24 months of losses and maybe another acquisition funded by yet another Capital Raise.

For the time being I'm happy to sit on my modest holdings and watch. I'll be more positive if and when they provide more clarity on objectives beyond any immediate 6-month period.

And lastly, I don't like the colour scheme of their reports/comms, nor the puff pieces in the Market Herald. Not sure what the latter was intended to achieve but with the share price around 38c can we agree it's failed?