Blue Ocean values at 30c near term, page-107

Agree there Pods - Management are not perfect, and I'm sure they would have thought they would have made quicker progress with the international roll-out.

However, while there are lots of genuinely cowboy operators of companies on the ASX - in my dealings with MBE management, they have come across as decent, respectful of shareholders, and passionate about the industry and passionate about MBE.

If you step back and look at what they have achieved - ie growing revenue from $12m in FY13 to an estimated $31m in FY15, with the bulk of that organic growth, I think you would be hard pressed to find another Management team on the ASX that has delivered that sought of achievement.

In terms of reporting, there was a period there when mobile-mania was in full flight, and MBE was relatively unknown and its share price was going through the roof, there was pressure from the ASX and potential investors that the market was fully informed of every small development. In hindsight Management have probably realised that this was a bit of overkill. Some of the more mature companies I own have only two price sensitive announcements each year - the half year and full year results, and the shareholders are sophisticated enough, and have enough confidence in Management to be happy with this level of reporting. I am not saying MBE is at this level, but generally as a company matures and becomes more understood, it should be reporting less.