Ann: Company update and diversification strategy, page-2

Not particularly surprising to see a $9m 2HFY17 revenue figure (and ~$3m 2HFY17 EBITDA loss) given they've seemingly completely ceased production of the main business line. Doubt they'll get much out of the diversified product suite in FY18, either, given most have either just launched or are about to launch.

The waiting game continues. With a ~$30m EV, it remains a cheap option on both an oil price recovery and any success from their new products, and they ain't going broke given the net cash position.

Potential for 'strategic acquisitions' unnerves me, though. I'm sure it's a good time to buy assets in MCE's industry given conditions are horrendous (i.e. assets are cheap), but if they fund such an acquisition by raising equity when MCE's own stock is beaten down it kind of defeats the whole purpose.