Ann: Change in substantial holding, page-15

Lack of new partnerships and committed sales is a worry. As far as I can tell, they've still only got 3 retailers signed on for their digital receipts product - Nordstrom, Express and Guess. They've signed one new venue - Cadillac Fairview - but venues aren't retailers and I'm not sure if a venue can do anything other than offer Live Receipts as an option for their retailer tenants to use. So I'm not sure you can count on guaranteed, committed sales from their mall partnerships. Meanwhile, there's no mention of any product launches at Taubman's and Macerich. 

The $2.8m sales per quarter they're doing is low, particularly if as I suspect most of it comes from the shopper exchange product. Meaning the new Live Receipts launches won't add meaningfully to sales next reported quarter. But this is just speculation on my part as I don't know exactly what the 2.8m revenue breakdown looks like. 

My assessment may well be wrong as I admit I don't have a good grasp of OMN's technology product offering, but it sure feels to me like more was expected out of them in the past 6 months. But maybe STAM doesn't feel the bet is diminished. It's just guesswork on my part, based on my assessment of the recent performance, as well as the share price behaviour over that time. I'm still inclined to think that OMN is worth more dead than alive right now.