I’m not holding the bag on VN8, but I am on SWP, and I’d bitten...

I’m not holding the bag on VN8, but I am on SWP, and I’d bitten my tongue on my (presumably) brethren comment the other day getting pissy about the VN8 boards pay day – but are we SWP holders really in a better, or different, situation?

A peak SP of like what $2.30 in 21, yet today we closed at $0.18, with a CEO on ~$710k? At least VN8 holders have an exit path from their own circus (with a modestly paid CEO on like <$200k). Meanwhile we are seemingly left with a business run by someone out of their depth, chaired by someone who’s focus is on their own political aspirations, and a board that’s a telco old boys club who seemingly sit around giving each other TelcoJ’s under the board room table?

But lets play devils advocate; SWP closes this acquisition, then what?

Our journey to date has shown that this business is incapable of actually realising synergies, let alone capitalising on their purchases. Is Vonex voice, data, datacentre, fibre, wholesale, retail, CBD, regional? My 10 second Google suggests all of those. Great, SWP has had a crack at each of those too, but either screwed it up or flipped it not long after (In the latest divestment, WA, they didn’t even announce it – so presumably at a loss???). But even if they haven’t screwed it up, the needle and the market hasn’t moved in any direction other than down, so as a share holder, they are doing it wrong.

Good times.