I was always skeptical about the idea that Novamatic was quite...

I was always skeptical about the idea that Novamatic was quite happy to let the company run down and then make a take over offer on the cheap. 

Now I am no longer so sure. Maybe your right.

The level of poor management is breathtaking and I agree on your sentiment that Novamatic doesn't seem too concerned. The question is Why?

Why no action? Why no management restructuring? Maybe Novamatic is run by a bunch of bozo's who think AGI is run by a bunch of geniuses?

The things that bothers me is why did Allen Gray stump up serious money to buy 26 Million share in the middle of the year when the price was around $1.80 cents. These guys are value investors with some repute who would of done some serious due diligence (one would assume) if they thought Novamatic was letting the business run into the ground.

Like me they are down some 50+ percent on their investment so far. It just doesn't makes sense to me. Surely they see some value?

However watching the findings of the Royal Commission and the shenanigans in the financial industry maybe corporate Australia is run by a bunch of overpaid bozo's or crooks.