Ann: Response to ASX Query, page-9

given the pretty severe lack of understanding of how the numbers work among even fairly long time followers of the story + the steep fall from 40c - i think asx probably got a lot of complaints

that + the shift from direct to indirect sales path led to confusion about the speed of installs.which reflects classic investor greed - anyone who actually thinks that a company of ~27 can install dozens let alone hundreds of installs in a few months - when you only have 3-4 people who likely can do the work (because you have to send people who can be trusted to interface with the client + do the install.)

it may only take 30 minutes to install - but it often takes most of the day to drive to and from a site - rarely can you do more than 2 sites a day unless very forunate to have some v close together.

BUD didnt clarify the splits nor the timing and so all the unit numbers were interpreted by many to include a fairly health proportion of direct installs

you'll recall that's what the original state One research was based on

in my view under cover of this confusion was a complete rejig in mgt thinking once they started doing installs themselves and realised what a pita + uneconomic thing to do (esp to lose an employee half day just to uninstall a tyre kicker's site) + probable blowback due to lack of required technical certification in some cases and high level of existing metered offereings in place among tier 1 building assets

I agree nothing of substance has been misleading or deceptive. I do think there was some sinning by omission - both around the capital demands + the wholesale shift to indirect sales

But BUD had just experienced 3 years where market didnt care a jot regardless of what it said/did.

It would justificably have viewed it as karmic if same investors then failed to note the key details that were offered - and just focused on the headlines

Not 'self flagellating saints' - but not bad corporate citizens in any respect.

And unusually sophisticated, fast moving and adaptive for a small cap management team.

What a lot of sp focused investors dont get is how many times you have to jiggle the lock before you open the door to commercial success. Same reason 70% of small business fail within 3 years

Penetrating intelligence and energiser bunny energy levels are the best 2 characteristics you need to see.

But, in the listed context, sometimes you have to be equally sharp to understand what the motives are behind given moves.