Ann: Company Secretary Appointment/Resignation, page-13

The issue is around trust and disclosure.

Yes, DSE said that most of the paid user growth had come from one customer but surely they were able to see that no actual data was being backed up from these 400k user accounts. Afterall they do bang on about how good the software analytics side of things is!

Either they actually knew these accounts were inactive or at the very least they SHOULD have known and the market was not made aware until after they were purged.

Would i have invested knowing that 400k of the account growth were inactive email addresses that were not actually needing any data backed up? No.

Comes down to trust/disclosure/compitents of management. Yes we were warned of high churn etc. But what happened was extreme compared to what had been disclosed.

Were they hoping to skoot through on inflated user numbers and SP till the massive escrow release next month?

It all may have been innocent and come down to poor monitoring of partner account backup usage but even if that is the case its not great.

That's my take anyway.