Ann: Half Yearly Report and Accounts, page-60

The "trust me i am Tom Cregan" trade is over. Almost impossible to believe management now and Fund Managers agree. If you're going to sell a decent portion of your holding in November you must be 100% sure a weaker outlook statement isn't coming in February. Anything else lacks consideration for others on the share register. It opens up a world of distrust. Can we trust that breakage revenue won't be a material problem in the future? Can we trust that court cases in the US are the norm and LLR will be fine? Can we trust that margins will be maintained or even improved in future periods? All valid questions that investors are asking themselves. Even when removing the management issue you're looking at an average business currently. EML was sold to investors by management as a diversified cash pump. Can't see that currently. The issues with re-loadable and virtual payments highlight the fragility of the business model. This may change in the future but currently the predictability of these businesses have been oversold. Obviously since HY reporting the market has adjusted to the unforeseen risks in the company. Hopefully management can take the message from the market on board and create some price appreciation for those still in the stock.