Thanks Bigmickey - great response - thoughtful, analytical. I...

Thanks Bigmickey - great response - thoughtful, analytical. I agree with your comments.

The most crucial asset of a business like MCP is its brand value (and not its physical assets). Why, because the brand allows the organisation to achieve high gross margins.

And as you said, "at the end of the day the stock price is really the best measure of what a willing buyer would pay for the brands and the business know how." However, witness the trend of MCP share price since June 2020, from $2.98 to .80 against a backdrop of a share market that has rocketed during that time.

Why, because MCP are incurring reduced sales margins.

And so with declining net margins, comes a declining share price. Yet, as at 30 June 2021, MCP still retain $90m in Intangible assets !! (including Goodwill)

Let MCP try and use that $90m as collateral for the next round of debt finance.

I agree with everything you say about management.

Tony