Guys I'm really sorry but it's time to get real on this...

Guys I'm really sorry but it's time to get real on this business.

As a (until recently) long term holder, who also works in fin services, this had all the right ingredients. Unfortunately very poor management (Niek, not Iain) have (in my opinion) squandered what should have been a no brainier.

We are now left the the prospect of Coin about to become irrelevant in the market with smaller players (Midwinter etc) hitting the independent space and IRESS owning the banks and big dealerships. Proviso is good, but it's not benefiting from the scale of being part of the Ruby family. Indeed it's dragged down by the reputational impacts of the Coin cloud move, amongst other management failures. Finally the hailed mortgage acquisitions now appear to be have over-paid as a desperate act to get runs on the board.

There is (again, all IMO) zero chance we are going to see EPS growth before FY18. The only clear path home I see is taking this one private.