Ann: Trading Halt, page-55

I have reflected on this all day and have no doubt the sale was a mutiny of sorts.

For quite some time now, a few of us, politely and not so politely, have suggested we needed a growth orientated CEO, not one tied dogmatically to balance sheet discipline. We suggested they should be located at the heart of the business in Sydney,
not only to nurture it, but protect it. We warned that while we proclaimed to be the hunter, we could become the prey. So it is.

The tech guys, like the TSI guys are bigger picture growth guys. The board's job is to manage their enthusiasm as not to go broke, but to find the money that adds value. When they feel constrained, morale drops, productivity drops, the ideas are not progressed and resentment builds. All businesses are good, good talent, right area, right time, but needs to be managed correctly. Lack of imagination, direction etc has been complained about here, looks like it also happened closer to home.

For the same reasons of management style, I believe TSI would probably not engage with us again. Once burnt, twice shy. They probably have their own plan to rid themselves of us. I wonder if we will get their figures for the 6 months just past.

So much potential flushed in my view. Sad in many ways. I still want a proper account of the deal and any deals done with the key guys to get them over the line. I think it only fair and reasonable. I doubt we get anything. In many ways, our businesses saw VOR as the cancer, rather than the diet for their growth and this is what it is for now. At least we still have some cash.

Cheers