Or you could go to glassdoor.com.au...

Or you could go to glassdoor.com.au
https://www.glassdoor.com.au/Reviews/OneMarket-Reviews-E832556.htm

These comments will certainly puts a dampener on any irrational exuberance. Though through the presentation Steven Lowy was much more restrained than the Americans.

In all seriousness, as you said probably not worth paying much attention to any of this information. No doubt the fact that a number to team members from blackhawk networks were moved into Westfield Retail Solutions, upset the apple cart. Also the company with the best software doesn't always win. I know this only too well (and painfully) with the Bravura and GBST.

Thanks for the figures. Robust exit strategies are something I need to work on in these situations. The investment thesis for me came about by the fact people who don't normally waste money have spent/allocated something in the order of 350 million AUD to this business. The whole business can now be purchased for $100 million* and to date no information seems to indicate a change in the likelihood of success or failure. As James Greenhalgh (II) states, this is a lottery ticket. Where my view differs, is that if lottery tickets are offered with expected values above 1, it makes sense to purchase. Still this sensation is unpleasant as all of the past situations I have invested in had some kind of historical cash flow figures.

Thinking on OMN further, very few fund managers would want to admit to owning it. True value investors which buy companies out of favour would not want to be associated with it, due to lack of cash flow and assets - once the cash burn eats the cash balance. Growth investors wouldn't dare touch this as it has no 'momentum' and anyway they are all buying Afterpay Touch** at the moment.

* Including Unibail's 10%
** Like the idea, just can't believe the valuation @ 100 times EV/EBITDA