Speilly, In respect of "OP" i was refering to the original...

Speilly, In respect of "OP" i was refering to the original prospectus for the float. historically I agree with your sentiment, they looked like a reasonable punt, they were very strong pre float and performance was great in the first 12 months post float, but i feel the market is always right and prices correct to their true value although this does currently look cheap, but i dont think their true value is as high a the board belive and in the current climate will rise much.

I too see alot of product out and about that is what attracted me to consider, I also see more of their competitors products out to, but the things I am hearing are via contacts in their industry sector, they all feel this mob have lost their way and it has made me to cautious on this one to stick my big toe in.

Agree dividend policy is correct given the results, but with the low volume of trading I would veiw this as a long term investment, and bank on a divi or possible takeover offer, but i dont see any of this on the horizon, more likely the liqudation prediction or a merge with a competitor would seam on the cards without a cash payment, could a public private leverage happen and it goes back to the original founders leaving investor losses and directors getting a cheap deal after cashing in years ago?

I am also cautious over the managerial turnover in recent years, and question some of the directors business acumen, from my experience you need time to turn performance around with longer term plans and this would have been good to see come to fruition had it been allowed. I think they are far too impatient and interfering, they should back off and give their team time to succeed or fail but 12 months each time is crazy how can anyone expect any thing to work let alone create and impliment business plans, or is it factions never agree with the plans as it may mean they cant justify the money they extract from the business?

A big concern I have is will their profitable product be around in 6-12 months time? not what I am hearing, is there capital to re invest to strenghten or revovate the company, some products are old and past sell by date, just look at the state authorites view on the barriers and from what I hear in respect of the VMS the market, which gets a bit of print in many of their statements, is saturated with the volume fleet buyers all in trenched with their competitors, so I dont see huge sales growth happening in that segment. If some assets were sold of would the directors simply pocket the money just as they did on the float.

Who will take over this poison chalice, for the day to day running of the company, some one who has short term plans and will move on quickly, I guess?

For the moment I am going to sit this one out and monitor, I'll wait for the half yearly results for 11, see if the rumour I hear happens. I still have a big question over the CFO going, why and why no Ann, is it not price sensitive info or is it no big deal, given chatter on this and other forums on thier previous record on disclosure, big question need to be answered, or looked into by the ASX.

If you think I am incorrectly hedging I would love to hear your predictions for this one and I may change my mind and jump in but at the moment it is unlikley.