Ann: Half Yearly Report and Accounts, page-25

@kinggee

I have little time or energy to be addressing issues raised by the misinformed. I am a long term holder, as I am with all businesses in which I have an interest, and care little for "up ramping" stocks. My philosophy is that the share price will ultimately follow the performance of the underlying business. Misinformation peddled by those with little credibility, here on HC, is of little concern in this sense.

Nevertheless, I have a low tolerance for misinformation. You are putting forth information that flies in the face of facts. I categorise this as misinformation, not opinion. A messenger of misinformation, is a wilful messenger. It's lovely that it's "all just an opinion guys", but I suggest that posting "opinions" on public forums comes with some degree of responsibility.

It is very clear, to anyone that understand business value, that 1300Smiles has generated wealth from its underlying operations, rather than from having to tap shareholders. The business is still generating a very healthy return on its capital, despite a long history of acquisitions which are actually reflected via the goodwill in that capital.

It is also very clear that the business has been judicious in its issuance of shares.

Finally, it is very clear that the MD and largest shareholder extracts a very modest stipend, and that the bulk of his income comes from his dividend. No equity compensation of any kind is employed. This is an alignment of the MD's incentives with all shareholders, of the truest kind.

Finally, and most importantly of all, the above three attributes have been on display over many years. Dishonest management may be able to fool shareholders for a year or three, but not over decades.

If you unable to appreciate the above points, then I suggest you are out of your depth in discussing matters that relate to business performance and value creation. In which case, it may be best if you limit your "opinion" to anecdotes of your own personal experience with 1300Smiles.

Then I won't have to shoot the messenger.

And now you've wasted enough of my time.

Best.