Your probably right and that would change if dividends ever...

Your probably right and that would change if dividends ever became the norm every quarter to show consistent returns.

But I also think people really do not understand the business and the amount of money this Mkt cap of only $85.57M would likely grow to $160M in 6 months given Joe track record of acquisitions and it's also exciting for long term shareholders like myself as it's probably the beginning of alot of M&A activity to come with further upside from 30% Webcentral returns and potentially the fibre investment could have a consumer retail arm or simply selling/renting that NBN infrastructure to get some return.

There is many IT role type companies to acquire such as managed service providers or companies doing or using server hosting or cloud providers, there’s other telcos etc

5GN got 50 to 60 per cent available capacity in their data centres and presumably they pay three to four times EBITDA for a managed service provider and their customers then come onto their data centre. That basically goes 90 per cent to their bottom line.

source https://www.intelligentinvestor.com.au/investment-news/5g-networks-acquiring-to-become-a-one-stop-shop/147511

Sitting on about $115 million by the end of the month. 5GN got another $x million in a debt facility available, and then 5GN can use up to 25 per cent of their scrip to issue shares, all cash.

From an acquisition perspective, If the owner’s staying on, then 5GN have shown they want that owner to take half of that M&A roughly in shares and then the balance they can take in cash.

Webcentral will use the $115-million sales cash to pursue “EBITDA- [earnings before interest, tax, depreciation and amortisation] accretive acquisitions” of complementary technology, cloud hosting and managed IT businesses and to “support future growth initiatives”.

source https://www.arnnet.com.au/article/709276/webcentral-sells-hosting-business-165m-rebrands-5gnetworks/

Let’s say an M&A target company is renting data centre space from another data centre provider, then we know that 5GN bring that spend onto their infrastructure, about 90 per cent of that spend is going to be a saving.

If someone’s doing $1 million dollars of EBITDA and they’re spending $1 million dollars in another data centre somewhere, or they’re buying Amazon’s public cloud or Vocus’s fibre network. We know when 5GN move those customers across, they’ll get probably equivalent at least to the EBITDA in synergies on top of that as well.