This company has some answering to do. I don’t have an issue...

This company has some answering to do.

I don’t have an issue with the strategic direction management has chosen. I also like the new products/initiatives etc.

To grow through cash and not debt is also solid theory.

I do however have issues with the lack of communication and last minute timing of this entire debacle.

For starters, shareholders did not receive a single substantive announcement between 20/10/11 and 16/2/2012.

This is too long a period for a company without even a brief update on new products progress etc.

Then we received the trading update on 16/02/12 which was reasonable and acceptable considering the current retail environment.

It surely made no mention of the "no dividend - capital raising" tsunami that was about to hit.

Many bought shares expecting a dividend. IMO they were entitled to a “good faith” belief one would be paid.

Especially considering the company continued to be profitable and made no mention previously the dividend was at risk.

The market does not like management who veer off on last minute unexpected tangents without some warning.

Even if in the long term it proves effective strategy.

Many new comers to the stock have been burnt and will not return.

I will continue to hold and hope the new direction is a good one.

Management need to win me back now as I now have no faith in their consistency.