Company told me today that there are about 20 franchise stores. a long way from what they previosuly targetted. They already had about 16 back in February so at that rate it will take about another 7 years for them to franchise all 100 stores. Hopeless management.
No doubt some corporate spinner will say they are being choosey with whom they select to be a franchisee but in reality no one would even know there were franchsie available as they do no advertising.
There are no executive directors in the business which is a worry and the company secretary is away until Monday. Explains why this is a rudderless ship.
Takeover by Poole and Co at 3.5 cents is the only hope for shareholders.
Just remember Poole will likely look after himself...take a look at what he has done at another dog company Australian Power and Gas. Google "Richard Poole Bellman warfare"
Wonder if he'll set SRA up for an extremely low rights issue that his firm will underwrite to take complete control? Not out of the question.
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