Too high in fixed costs. I felt their use of white label and...

Too high in fixed costs.

I felt their use of white label and re-sellers has been the right approach, along with an online presence in their own name.

They just don't seem competitive enough or offer that point of difference to competitors who have more funds and cheaper/more attractive deals, so haven't gained market share.

Having said that, at this MC it must be a pretty attractive takeover target, based on their Emirates and MasterCard deals alone

Thinking of buying back in if enough volume available at these levels.

Milesy