I've been following RNT since it listed but really began paying...

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.