I'm not certain how you come to those conclusions. MNW are...

I'm not certain how you come to those conclusions. MNW are loosing 4m per year per year. Even when they've got products out there, they're margins aren't getting any better. The BNZ product has been out there long enough now that we should have a good idea of MNW generates from that. It hasn't been stellar. Jury is still out on the MYOB product, unless it's substantially greater, I don't see revenue rising too fast. So unless they drastically cut their spending, I don't see how they're going to turn a profit. It appears this last year, with their products out there in the wild, costs have only increased and they've had a very hard time of growing revenue whilst keeping costs in check.

MNW should never had gone to 40c. It wasn't worth it then and until it shows better margins it's still not worth it. You wont see a similar run like last years again in my opinion. There is just too much to overcome.