Ann: UK Business Update, page-40

So what should have done.... fired at the first sign that something was amiss, or... done the audit?
It would seem in your view that either way the company is in the wrong.

As per the announcement, the company became aware (during the audit process) and, promptly fired (my words) those in the wrong. I cannot think of a more clear, effective and timely way of trying to ensure that any further damage being done is stopped.

The company is more than simply the two staff who have had their employment terminated.

As for your claim they muddied the waters. I do not believe they did. It was a market update, for the UK arm of the company, they stated the reasons for a reduction in the issuance of breech notices. Either you believe what they are saying or you don't. The Australia board is strong, in fact, I ask you to try and find fault in any of the following staff.... (because as I read through your post, your implication is that board of SPZ have not been adhering to ASX compliance).



I have seen many stock prices fall, for no apparent reason and over time, finally the truth comes out, the brutal sell off today, had no pre-cursor, no leaks, no share price weakness, although I concede that there was somewhat of a fall on the 16th, but... the volume was pitfully small... just 500k of shares, or $230k worth. That is nothing. No insiders got out, SPZ has a strong, proven board. The U.K arm, however, it would seem had some serious issues. Am I trying to sweep this issue away as being unimportant, NO.

I am however arguing that the company is not on its last gasp. Its a growth company, it has been until recently, powering ahead with contract growth and revenue, but.. has hit a major issue and IMHO, has so far shown itself to be willing to inform the market to the best of its ability in a very short period of time.

We will see what the company is able to communication to shareholders in the future and only then can it be further judged on its actions (although this being HC, opinions will fly both ways).

As for it not being a good look, that is obvious. Otherwise perhaps the share price would have risen 50%?
btw - the Market cap is now just $96m AUD.

Anyway, I will steer clear from these threads for a while. Hard to not be frustrated about the situation when I at least felt the company was on the cusp of much higher revenue growth etc.