AGM Sydney 3PM, page-8

I was there too. The point about the business model is that they are bringing in as revenue licence fees for say a 3 or 5 year contract into the first year. Maintenance and service is allocated for the respective years. They do this based on their view they are legally entitled to the full licence in the first year. That might be correct accounting but it bunches the revenue into year 1 for customers which they say are long term. The risk is that the later year instalments don't get paid to IR. (The US Avayo customer (the one that went into Chapter 11) is a good example. They hope they are to recover all of the money but not just yet.)
I am not impressed with the Board (and Finance person) for a number of reasons including the lack of share ownership. If they believe in the company and its future prospects, why have they sold down their performance rights if they could hold for a year and see a significant share price increase??
The answer is obvious, it is going to take some time for the profits and shares to rise from the new initiatives. They said that they will take some time to get traction.
For me there are better opportunities out there. You need management and directors to have skin in the game. I sold my shares today having made a loss.