It's just the beginning for Spenda!, page-820

Well it looks like most have bailed. I got out shortly after the last 4c but thankfully before the half yearly, I always said I would wait for the December results to be announced and looking back I wish I hadn't.

There are some serious governance issues with this company. Continually falling foul of the ASX, blaming "keyboard warriors", making statements about investors renting yachts right before announcing miserable results. The only ones who have made enough money out of this company to rent a yacht in the Maldives are those who exited on the P&D and Adrian.

I know enough about lending to guess that this company is going to struggle to find backers for its debt warehouse. This will be due to the current finances of the company, lack of demonstrated success and also due to the character of management. For those that are still holding keep a wary eye out for any further shifts in the timeline for the DW. If it moves it's probably because they've run into problems, not that I imagine management will tell you that.