Hi HaveACrack, I don't disagree with you on some of your points....

Hi HaveACrack,
I don't disagree with you on some of your points.

In my opinion we find ourselves at 15c because of the debt and the under-performance of track.

Is track under-performance a surprise? Yes, the under-performance is a surprise for this quarter.
I wasn't expecting growth, but i also wasn't expecting a 14% reduction on revenue from previous quarter. Especially given management stated the below in the June 16 quarterly re subscription:
"The subscription business (Track) has begun to stabilise, although revenue and EBITDA were lower than the previous quarter". &
"Crowd Mobile is confident that the changes that have been made to the business over the past 6 months will begin to deliver returns in the 2017 financial year".

The fact that the reduction occurred is one thing, but not providing adequate reasons as to why is another.

Also to your point about if revenue/ebitda is maintained whilst reducing debt, then we should get a re-rate. I agree. The issue is earnings have been falling from track since acquisition (EBITDA of $2.2m is 25% lower than last quarter). Whilst the end game is QA, track cash flows have been and are a big contributor to supporting the groups debt profile, that is why it is important to stop the bleeding at the very least.

Hopefully this is just a small quarterly blip and earnings/revenue ticks up for the rest of the year. Whilst the performance is not great for this quarter, my increasing concern is the transparency and communication around why we are performing the way we are.

Looking forward to the AGM.

Thanks