Been a long term supporter of this company. I wasn't particularly happy with the investment in Morrisons. My view was that they paid too much and had too much capital tied up in it. Brokers in my view are run by the personalities that drive that business. Over time I have got to accept it as part of the business. That was made a lot easier by it starting to perform well.
I still think the engine room is Interprac and I tried to acquire equity when it was an unlisted public company. I think that their business model makes sense and with the changes happening in the industry this can be a great growth company with real profits not just revenue.
The problem as I see it is that it has never had a good cornerstone investor. Sargon became a real problem. The overhang from a few shareholders before that was a problem. The reality of this stock is that it needs a fan club. I see the significant investor that took a large chunk of the Sargon stock is or has offloaded some. I think they are a great buy for those have have taken them up.
My longer term issue is to hope the significant shareholder sells out (if that is what they want) and into good buying from a market that sees the benefits. This stock doesnt need or deserve an overhang
Personally I think after these results its time for a roadshow...
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