Close. I would argue that no-one does. I’m including SPENDA’s...

Close. I would argue that no-one does. I’m including SPENDA’s management here.

The company’s lack of ability to articulate a clear strategic direction to investors is telling. We don’t know if the lending is a diversification of income streams, a side hustle or the main game and we don’t understand how it operates in relation to the core business. Or if it now is the core business. We don’t know how the company intends to grow over the next 5 years and where its priorities lie over this timeframe.

Quarter after quarter of negative jaws is not encouraging and not sustainable.

As an investor group we need to see these issues addressed in comms from the company. No yachts, no middle-manager corporate speak, no “nodes” and “value chains” and “verticals”, no hyperbolic promises. Just a clear understanding and direction to help those of us who can read a financial statement understand how the obvious structural issues within the company are being addressed and to what strategic end.

The incessant “we’re growing revenue” posts on here are meaningless out of context.

The “$100m DW is coming and we’ll make 19%” posts are fantasy. Please understand what a DW is. It’s money that SPX would have to borrow to then lend to what appear to be risky market segments. Who do you think would be keen to lend $100m unsecured to SPX right now based on its financial position? If such an investor could be found - what rate do you think they’d charge for the money? If you pay $20 for a shirt you can’t sell it at $15 and make a profit, regardless of sales volume.

No I don’t think AF is a fraud, nor do I think SPX is headed for bankruptcy. But immediate structural change needs to be made before it runs out of cash, OR the financials as a lagging indicator don’t reveal a more positive future picture - but this needs to be articulated to this nervous investor group in a clear and sober manner. As usual neither the trolls nor the blind optimists are adding any value.