Ann: Half Year Report and Accounts, page-3

@MarsC

Reading the half year report commentary, I can't help but being reminded about the reasons why I sold ONT some time ago. As we had discussed in the past, I get this impression that the CEO tries too much to sound and look shareholder-friendly. I prefer management who is more low-key and less self-trumpeting.

Your point about selective commentary is spot on. Every time a metric doesn't go in the right direction, the CEO will make an effort to explain the reasons behind it and assure shareholders that a less obvious metric behind it is still pointing in the right direction. In a way it's good that he tries his best to educate his shareholders base, but personally I still prefer the management style of ARB, REH and NCK.

I notice that another relatively important staff, Bryan Dulhunty, the company secretary, had left ONT after working there since 30/09/2015. He only lasted for 16 months.

The current general manager, Jeremy Palmer, started from 29/03/2016. It looks like he's still around. It will be very interesting to see how long this one lasts. If he also quits in the next 12 months, then ONT really has a chronic difficulty in attracting, keeping and nurturing its human capital.

Don't get me wrong, the business itself is still swimming along nicely. It's not the most attractive business in the ASX, but it's also not the worst business around. However, considering that it's PE is around 24, it's definitely not cheap. Personally, I believe I could get better value for my bucks elsewhere.

All the best!