Dear board/management

Messrs Carosa, Coppa, Dickinson, Goulopoulos, Crean,

As you know, SHP's share price has been drifting south for some time. Notwithstanding the influence from macro factors like consumer sentiment, global/local economic outlook etc., the bottom line is that the company is yet to turn cashflow positive after 2 years in the making and a number of acquisitions. Operationally we're yet to see clear evidence of organic growth, meaning that cost base is being consolidated, and there is top-line growth and bottom-line profits across the individual sites like YHD year-on-year, which has now been under your management for over 12 months.

With persistent sell-down of SHP shares being observed in the past 12 months, what is your real plan to turn the business around? How is the cash level looking in the foreseeable 12 months ahead?

Don't be scared homies. Why not put out some real numbers around site traffic, revenue, conversion rates, value per basket etc. by individual sites, so we shareholders can see that the business is indeed charting on the right course? Stop regurgitating the same phrases like "dual-track strategy" that you copy and paste from one Powerpoint preso to another quarter to quarter, because we Joe Bloggs are just a bit more educated and informed that you think.

And why not have one of you come onto this forum and address these issues on the record? It won't be the 1st time an official figure comes along to give some straight answers and try win back some confidence and credibility.

Just relying on your ~20% shareholding to alleviate risks of getting taken over on the cheap and getting yourselves rolled won't be sustainable in the long run. If you know you can't get it done, why not step ahead and get someone else who can? This is unless you want to see yourselves suffering losses in your own investments like many of us?

Suppose at end of day you still get your $20k director's fee alongside having your mates or family members earning a salary from the business. We don't.

Leave the kitchen if you can't bear the heat.

SBG, Perdant, Emmett, Pods, Maxtiger, Jaluma, Hiho, GravyNanna, Microcap, MichaelOliver, Ruby, Schumacher, Mackies, Brettmillin, Strauss, Leferve, Peter2001, Danj, Gassin, Norto, others who are interested,

If you're still around, feel free to show your like/dislike or jump in here as you wish.

Q