The Cohort acquisition was a terrible management blunder, and corporate suicide.
And the management arrogance and disdain for shareholders was almost a crime.
They completely ignored the best advice, never followed world trends in this and related technologies, and in doing so, displayed the greatest ignorance that a management can.
We computer scientists repeatedly told them over the past 2 years what technology trends to follow, what companies to acquire or buy into (and those companies are now ALL flying ahead), what the major global investment themes are that they could make use of, and so much more.
We were ignored. We never received one reply in 2 years. Not even a thank you. Not even a hello. While they continued to go on destroying the company right before everyone's eyes.
Almost $9 million loss, with $7 million impairment for Cohort - a disaster (of arrogance and pride and ego).
So some of them have resigned in the past few weeks and months, rather than face shareholders after this debacle. I'm presuming they knew what was coming up. The most arrogant are always the most cowardly.
Good luck to Nick Jones who has now taken this on. It's a monster job to resurrect a train wreck, but I wish him well.
What an absolute shocker of a financial (as expected).
Gw
PPL Price at posting:
9.7¢ Sentiment: Sell Disclosure: Held
