I think the market is still applying a large amount of risk to MBE M-Payments business because a large chunk of it's revenue is generated from just one application - "No Limits Games".
Growth in this product has already plateaued once - approx jully 2014, when MBE decided to cut the price and enhance Customer Lifetime Value. Will they need to do this again? Growth in one app can't go on forever, which is why MBE is doing:
1. International markets
2. Further applications
International Markets is going well, but if point 2 is not enhanced, then we still have the same problem that revenues will be constrained by the growth profile of one application.
If the Convey Platform want's to be a significant player in mobile application deployment, then it needs to have more than one application winning significant numbers of customers.
Perhaps the other apps are going well in this point in time, but we do not have the transparency from the company to be able to determine this. The lack of transparency concerning the M-payments business might also be putting off investors.
A small dividend might be the only thing that restores faith in the company. If the company is confident enough to pay a dividend, investors may be confident enough to invest!
