The obvious steps to improve the business will never happen now....

The obvious steps to improve the business will never happen now. Obviously the board and management does not see any problem in not having a disciplined business which works for holders. Clearly anybody who wants change either gives up or is pushed out.

I had hopes for trading higher with the new directors changing the culture but no go

Sooo...given I still believe in the product and even more in the cash pot. I will buy more at some stage - not now. My view, as usual, is in line with slogger - we will be lower going forward

Also I have accepted that the new products will be very slow and very expensive due to the culture. Hopefully I will get my money back in five years

Nothing else good will happen for years in my view. It's a tough lesson in not investigating enough before buying