Ann: Annual Report to shareholders-E88.AX, page-2

It's so bad I can't read anymore of it.

And yet the directors and managers obviously do not think so, otherwise they would be ashamed to hold out their hands for additional remuneration.

Is anyone going to vote yes for any of the resolutions?

At least they have cash en0ugh for the next 6 to 9 months. During this time I would expect the board and management to pick over the carcass, take what they can, and then pray for a takeover offer, or another miracle of some sort.

The flash sales business was a disaster, and online retail is South East Asia has proven to be less than spectacular. A lot of people misjudged this trend, including me.

How many other small caps are there on the ASX that are better investments right now?

It will be a long way back for Ensogo, if they make it at all. Some of their competitors have already exited the market. This sector has become a company graveyard in South East Asia.

I think it will take some very deep lateral thinking, and even further risk, for the board to pull this up by it's bootstraps. But what the hell, they may as well try something different. The open marketplace is a good start - well done for that. But I expect it will take more innovation than just that. They are bringing on additional market people, which is another good sign. Time for the think tank. What about a left field acquisition in a different sector altogether? Let's try something!

Gw