i am out, page-4

Interestingly, the CEO - Dr Harry Ungar - came out with some very bullish comments in November 2006, and in the immediate trading following this the VGH share price rallied from about $3.50 to about $4.30. Then Mr Unger sold down his holdings during January - 700 000 shares at $4.20 - and not long after delivered some disappointing numbers. This sequence of events strikes me as particularly disappointing.

The price is down to about $2.95 today. Some of the major shareholders seem to have lost faith and are also selling down their holdings. Given the low turnover of this stock, and the queue of people waiting to get out, I suspect that it will be a long time before the price recovers - unless of course there is takeover (unlikely), change of managements (possible), sudden turnaround in the business (possible).

They dissappointed with their last results as well. Interestingly after that some presentations started with a slide that said "short-sighted" - of course referring to the markets lack of understanding of the Vision Group business. The AFR, approx. two months ago, ran an article in Street Talk, saying that in fact it was Vision Group management that was short-sighted, with their bullish remarks in November 2006 only dissappoint in February 2007.

Perhaps my reading of events is wrong. I would gladly hear from anyone who has a different angle on the happenings at Vision Group.