I shared your view in your first paragraph for some time. And...

I shared your view in your first paragraph for some time. And strongly considered bailing out.

But my view of the Board’s decisions over the past couple of years is that they are completely focused on the long term and are prepared to take the short term hits.

So I’ve changed my objective of making a quick return to a much longer term view. Given the way the share price has been tracking it appears I may well be one of very few who are comfortable to sit and wait for the long term decisions they have made to play out, as I suspect their strategy is sound. And we are promised the details of the strategy before 30 June.

Additionally I’m not so critical of their use of normalised or operating profit. I think it measures the effectiveness of the management, and correctly relieves the management of the long term decisions the Board is rightly making, such as acquisitions, change in funding, and investments. Some of those decisions may not have been taken by a management team chasing the short term given those decisions have strongly impacted short term profitability.

I do agree with your assessment of their communication to the market - it’s woeful. But again, maybe it underlines their focus on the future rather than the short term. Nonetheless it needs to be fixed - soon.

A critical point for me will be when they release the details on how they plan to get to $500M revenues in the next few years. And how they communicate it.

Good luck to all holders.