I always loved this companies lack of greed in the owners -...

I always loved this companies lack of greed in the owners - their ownership structure is low compared to others and not massive perfornmance claw backs. The broker they used out of Melb was like a vault - you could not get allocations (I know some in here did as they use them). This needs to be a significant partnership though as they have departed from an A grade capital structure to one that has given The largest (minority) stake to a relative unknown. So far they are running 10/10 in my book on how they have grown and raised funds but this is a departure from their pattern and private money from ex investment bankers demand returns - could be good or could be a road to dilution to all their mates. The take up of FZ in schools is lower than I thought but still good (and yes I have been to the preso’s and am a customer but they really are pretty much giving it away free to get people on board) and the product is good so far.

Still one of the best investments I can see on the ASX but just starting to wonder if the global expansion goes down the ‘too big too fast’ path and ends up with massive dilution from a large offshore raise to the investment bankers mates to ‘grow faster’ and the current owners get heavily diluted. Only need a little divide and conquer among the management team and their 30-40% (is that about right?) ownership block can be fractured pretty easily.