Ann: Ceasing to be a substantial holder, page-127

The only problem with all of that I can see is the debt burden will rob them of the ability to invest heavily to catch up to more advanced competitors such as Meltwater who are growing their market share. And by the time they have used every spare dollar to pay down debt their conpetitors will have advanced further and further beyond reach.

After researching Meltwater for a few hours I think they are a long way ahead of Isentia. Looking at the aquisition histories of both companies, it is apparent that smart aquisitions are critical in staying at the forefront of the industry as tech advances in areas such as AI rapidly evolve. Isentia with its debt mountain has lost that critical ability to rapidly evolve. A continual decline in market share is a likely consequence. Dynamic businesses first, then laggard government departments eventually.

On pg 22 of the investor presentation they state:

...the market is changing rapidly and challenges remain...
They then list the main challenges as:
- Evolving competitive landscape
- Rapid product innovation now required
- Legacy IT infrastructure is slowing progress
- Asia business integration remains incomplete
- Previous tech investments have not delivered expected returns

All of these challenges, especially the first 3, will take 2nd precedence to repaying the bank what is owed to them.

By the time that occurs, meltwater and others will be further advanced.

In light of these points i have made, I am struggling to see how revenues will stabilise let alone grow. If revenues continue to decline, the high fixed costs will see operating leverage magnify the decline in ebitda.