Something in the works, page-8

I think you are right, the strategy for now is steady the ship not growth just yet. Cull the unnecessary costs, help the franchisees realise better sales with better products and reduce costs on their biggest selling items like coffee and cakes to help make the franchisees more profitable.

I think if you can offer a 15 percent reduction in coffee costs alone it already says the previous management were gouging them on the basics as that is probably their highest volume purchase and sale item for certain franchises. One of the benefit of being a franchisee is supposed to be the buying power of the franchise group to reduce costs. With previous management I don't think they were passing those costs savings on. Peter at least seems to be focusing on the franchisees to help them become better business.

Yes agree the 220 m shares is a good thing and management have tried to keep it that way for now. It means when a small profit is realised the share holders still get a decent EPS out of it. Can't rule out a CR in future here but hopefully it is done at a much better price once the business is stabilised and earning again so there is less dilution.