Ann: Strong momentum in marketing and new iBenefit partner, page-4

Not a bad quarterly actually, considering.
Why people don't invest in this stock though, including why institutions won't (at the moment), is the lack of transparency in reporting, particularly with regard to (hidden) debt levels.
They are paying approximately $100 million for OfPay, which in itself is a good acquisition, and very adventurous of the company.
We don't really know the details of how it will be paid for, just that $50 million will come from liquidity, and rest principally from private loans of companies involved with the CEO.
From memory I think the repayment terms are at 10%, but I would have to look that up again.
OfPay itself looks very good, NPAT last year of around $9 million I believe.
This is going to make some players at least look over the NNW figures, and it will give them a bit more street cred.
The other road block, is the 800 million odd shares being held unlisted for the moment, and to be released in a year or so. I don't think major investors will look at this until they see all shares in the free float.
So, although things are improving, there are few stumbling blocks in the way of share price appreciation.
I think it has at least 2 years more before any serious interest is shown, and probably at that point or soon after it will rise appreciably. So there is plenty of time with this one.

Cheers,
Gw