https://youtu.be/BSHQxilGvm4Came across the interview at the...

https://youtu.be/BSHQxilGvm4

Came across the interview at the link above with Hamish Moffat on the Proactive Investor website. It is from late 2018, but contains some interesting comments on the background to ZEN listing on the ASX to strengthen its balance sheet. Hamish goes onto talk through the progress since listing and the increase of the potential capacity of the prospects in the pipeline.

Interestingly Mr Moffat says “... we’re all about growth, we’re not a yield play right now ...”.

Move on 18 months to February 2020 and ZEN was still talking up the growth prospects in the FY20 Half Year report. Move on another six months and the growth prospects have all but disappeared (according to GT). If the maturity of the business and the market place has really evolved so that the “... right now ...” period is over and ZEN has transitioned from being a growth story to now being a yield play, please directors be explicit about this and detail the reasons why. If the growth is over, $1.01 is fair. If the growth isn’t over, $1.01 is certainly under’s in my opinion.