It's clear some aspects of their sales/business model don't...

It's clear some aspects of their sales/business model don't work. It's the MD's job to recognise and fix that. No private business would tolerate inaction. It's an attitude of indifference that only manifests with access to other people's money.

From the latest commentary:
“The management team is currently in the midst of an annual strategy review and refresh, with key themes around consolidation of existing investments, assets, geographies and market sectors combined with integration of recent acquisitions and a drive for cost control. It is expected that some reductions in management overhead (two roles recently eliminated, benefits to be seen fully in Q1 FY24) and general overheads, combined with expected ongoing margin improvements and top line growth will underpin the drive for financial independence and reaching consistent positive earnings.”

Even though the general sentiments here are positive, I'm really worried by the passive tone. Any serious leader would clearly state the expected outcomes and timeframes. It only highlights to me that they don't appreciate the urgency of the situation.