Sad but true Carrawong (love the call of that bird)The secret to...

Sad but true Carrawong (love the call of that bird)

The secret to their "asset" writedown problem is that all the ISP's they have been buying over the past few years have effectively added nothing to their user base ie they had 120K odd & they still have only 120K odd after all those purchases.

So the "goodwill" premium they paid for those 'bought' customers has evaporated & will have to be written off at some stage.

EFTel's weighty problem is that they have been unable to grow the business organically.
They just can't seem to market their product to the public.
In fact they can't even keep customers that they buy from other ISP's who are capable of marketing themselves.

Clearly this is a problem with their business plan and/or the people charged with growing the company.

Promoting the COO to CEO sure isn't going to change anything for the better & making the CEO an Executive Chairman .... well !!!

Sadly, the end game seems inevitable.