Ann: CEO's AGM Presentation, page-20

Would be more accurate to say they've shrunk it to where it is now.

The Track acquisition was a total disaster. It's gone backwards ever since despite them paying the previous owners maximum earn out for over achieving lol

Then a long string of capital raisings at lower and lower prices to firm up balance sheet and repay debt.

The fact management, to the best of my knowledge, has never acknowledged how bad it was but just talked up the very rare positive despite shareholder value destruction is somewhat amazing.

Hopefully the stock performs for holders however sometimes stocks appear cheap for very good reasons.