ICI - Charts, page-1532

Spot the difference. In earlier quarters management were clearly taking the opportunity to maintain a sense of vision for the company. Even though they didn't delve into game development progress, the quarterly aimed to keep investors focused on the highlights.

In the Q4 (further below), not a single highlight or reference to the outlook - no sense of vision whatsoever. This is a change in investor relations ethos, surely you can see how different the two reports are.

Here's 3 things off the top of my head that management could have included in the most recent quarterly (hypothetically). And I'm not saying these make a world of difference to the SP - but why not offer investors the courtesy.

1. ...This was mainly due to slower billings and collections during the Quarter owing to the December holiday season. Billings and collections are expected to resume with the return from holidays and grow.

2. ....allowing iCandy to purchase an additional 32.7% equity stake in DigitalGames International Pte Ltd (trading under the brand name “Storms”). Storms is well-positioned to distribute projects nearing completion under its own brand in addition to games launched by the broaded ICI group.
3. ...A$1.0 million has been paid during the Quarter to invest in new property, plant and equipment, mainly to expand the Lemon Sky Studios’ office space. Lemon Sky Studios have moved from strength to strength with increasing reputation in contracted work while simultaneously progressing towards in-house project development.

Once again, hypotheticals. But if any of these things were true, why not say them?