Ann: Becoming a substantial holder from IFL, page-15

Nick - A great lesson learned on this one. Whenever a CEO sells a meaningful amount of stock, especially one month before results are released, then quit your stock, you can always buy back. I never thought for one second that Tom would downgrade after selling his stock as I trusted him implicitly to the the right thing. With the Chairman's announcement that they were trading ahead of budget I was looking forward to an upgrade infact. It's a long road back for Tom as it doesn't matter what he says anymore as no-one is listening. If they can do thier 8.5 cents eps in 2020 with $90M cash then a $1.70 valuation is not out of the question. However the market won't speculate anymore, they will wait for the results. H1 FY 20 is two years away and a number of the funds, given what Tom did, won't be hanging around or they might sell now and re enter. That's the issue. Plus you have the European risk of nanny state "breakage" regulation being introduced.