Great thoughtful contribution by Inchiquin. May not have it all...

Great thoughtful contribution by Inchiquin. May not have it all right, but it raises a couple of interesting and relevant questions. Like 'is Charles an easy person to work with ?' My guess is probably not, and as someone who has run operations many, many times the size of VMT I would think he might drive me to distraction. He obviously has flair and talent, but gives the impression of the archetypical 'loose cannon', chasing-up ideas without enough thought, planning and communication. A great person to have in the right slot, but not leading the Company. Seems to be a classic case of needing the right mentor, which in this case means Chairman. That position is still, incredibly, vacant !

So we wander on. I commented some little time ago on the vulnerability of the B2B business, and we have now seen this played-out in the US. If someone wants to muscle-in on that business they don't have to buy VMT, but simply take the business away. VMT needs to gain critical mass with its existing products, but all we see recently is a succession of 'pie-in-the sky' projects, many of which look fancy enough, but most of which will never materialise into anything solid.

No surprise if investors are now standing on the side-lines. The SP is stagnant with no real sign of recovery in the short-term, and those of us who are heavily invested, albeit with a good (though diluting) return to-date are seeing little reward and no encouragement to invest further. So we simply wait for the market to drive sales and VMT to pick-up a passive share. In the meantime what VMT Management should be doing, as it appears to have nothing else to do with the free cashflow, is to declare a small dividend. Then is should list on another international exchange which would render all the silly business on the Australian Exchange (that many contributors spend so much time commentating) irrelevant.

That 40c Christmas is otherwise looking like a sad reality. It should be a great buy opportunity, but only if Charles and Co get real. 2000.