Ann: Retail Entitlement Offer Shortfall Notice, page-5

In March 2019, Geoff Stephenson ( Chief Financial Officer ) told me :
(i) Board and Management are working very hard towards medium term goal of EBITDA / Sales at least 7.5%
(ii) stronger free cashflow in FY21 ( after NSW site consolidation and new press spend in FY20 completed )

Still a hold for me.
It's a cyclic company with terrible management - it's not easy holding these companies.
I'm a patient value investor prepared to wait 5 or more years for a better part of the cycle ( eg when capex and restructure abnormals are lower ) to SELL.

IVE Group is OVT biggest competitor.
IVE's EBITDA / Sales ratio has been above 10% for each of the last 2 years.
IVE's price/ FY18 sales ratio =$2.09 / $4.88 = .43
OVT's price / FY18 sales ratio adjusted for capital raising $.07 / ( $1.46 x 2.3 /3.3 ) = .069

Richard Hemmings Under The Radar had OVT as a "spec buy" in Mar 2019 at 10c before the capital raising.

The risk is the Hannans try and steal the upside after loading restructure costs on all shareholders.
Allan Gray shareholding is still above 10% so some protection against Hannan's trying to privatise on the cheap.
Class action is another possibility if the Hannans try and privatise on the cheap.