Ann: Half Yearly Report and Accounts, page-7

The half yearly is what it is.. The market cap is $2M-$3M. It is cheap for a shell with an OK registry (at risk of dilution), no debt and a "paper" $3.2M investment in Loyyal. I would be overwhelmingly shocked if recruit holdings recent investment paid an upside to anywhere near what RFN coughed up for 15%....I don't even think Loyyal have any real revenue generating customers just big name pilots due to first mover advantage.... Recruit holdings is a VC firm... They can sit on the investment a few years and wait for it to mature.... If it does....

We know RFN has had some management issues but it has been over 12 months since the Loyyal deal was finalised. 
After spending $3.2M of our money what has been achieved? How many pilot programs? How much revenue? What is the strategic plan? Projections? Growth stategy? Activities report? 
They seem to be only just now at Step 1. Market awareness having engaged Reward & Loyalty to talk at a couple of seminars... Great but why wasn't this done 12 months ago???? Alas the lack of hunger & urgency is imo obvious...Just a whole year of admin / corp fees,... but when you have skin in the game you act with a bit more tempo? that for me has been the issue.. 

To scale i am guessing Loyyal would cost a crap load of time (the timeline on presentations looks like 6 months to 2 years+ depending on size and requirements), resource, and dilution unless other debt was brought in.....for the life of me I cannot figure out how they will put money in the bank of RFN and unlock shareholder value with this model???? I am not knocking Loyyal just the suitability for RFN especially at this stage..

I am happy to be challenged or see it from a different angle.. Thoughts?