Ann: Share Placement to Strategic Investor, page-53

I've been following RNT since it listed but really began paying attention when Bader joined in 2016. My notes at the time said:

rent.com.au is a basket case. Revenue of $730k and cash burn of almost $7m for FY16. They only listed in 2015 and have raised capital twice since then. IPO $5m @ 20c June 2015, $3.7m cap raise @ 28c November 2015, $5.4m cap raise@ 15c April 2016.

It has all the characteristics I like in a potential turnaround bargain -- disgruntled shareholders who have been beaten up with dilution, currently loss making, but good management.

Bader and the team have been making good progress since and I had been planning to review in March/April after the launch of RentPay but this morning's news brought everything forward. Entered at 9.5c/share.

Investing at $38m cap is acceptable for me. I would've much preferred sub-$20m as originally planned (when RNT was still under the radar) but can't win them all.