Ann: Clarification of 4C commentary, page-9

I am a hostage. I made the mistake of averaging down for the second time just before the quarterly but I lack Stweeve's discipline to let go. I am now a 3 time loser with IBY.

Long term there may still be value here and I'll wait for the AGM to provide clarity but this clarification hasn't stopped the rot and didn't address the revenue issue, which is the issue.

Management can spin all they like but:

If July and September were 2 of the three highest cash collection months in IBY's history, what happened in August that revenue only grew 1% for the quarter? Yes I get the previous quarter was a 98% increase on the back of LivingSocial but this result says there is no organic growth in Q1 despite higher transactions.  

Are the accelerated supplier payments a one off or are they the "new black"? The $32m is only an negative issue because it is 84% of revenue compared to 72% in Q4. If this is to be ongoing, with flat revenue, there can't be much future in having a negative working capital model.

In my opinion the clarification is still lipstick on a pig...comparing Sept transactions with January? Really?