It is reassuring that major holders/directors decided to dig...

It is reassuring that major holders/directors decided to dig deep in their pockets funding the recent CR which is rather substantial , instead of SPP (small holders paying up) or private placement to sophs.
Just comparing it to MBE (no promotion) that placed shares a while back to sophs at 26c & allowed directors to sell a part of their holdings at 26c....We saw MBE drift to 13c after this & its directors issued themselves cheap 15c options.
Nothing against MBE (which I hold) , but I like the fact that SMA directors never abused their commanding holdings by issuing themselves cheap options.....The options they get are 3.5c....The same as us ,the average Joes.
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2c rights is not "cheap" by any means ....$40m MC pre rights is quite expensive by any metric... Sales...Tangible assets...Earnings (or lack of same).....Directors are happy to pay a large premium....They must see the business at a steep growth phase (never underestimate insiders bullishness)
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Growth drivers.
# Direct carrier billing will likely be the major one with roll out to other provinces & perhaps adding more carriers.
# CITS Travel app Should prove to be a big revenue earner...This will have nothing to do with direct carrier billing which is mainly for micro payments.
# Foreign 3rd parties with popular content/Apps keen to get a foothold in China.....China is a fertile & immature market not dominated by foreign App stores.
# Expansion into other Asian countries.
# Logistics?...Scope for growth in OZ , but from management narrative, it takes a distant 2nd place behind SmartPay.
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Sector performance.
The sector is in a basing pattern after the initial big run....It is not in a downtrend.....In other words not a risky one entry wise.
SMA is the outright leader....MBE is a distant 2nd.....NNW is the worst performer.