Lower margins, silly acquisitions and overvaluation

The worst result I've ever seen from this company:

- Margins smashed due to expansion into unreliable low margin business
- Recurring revenue high margin business shrinking
- Management looking after themselves with deferred payment for acquisitions funded by debt and cash (not many shares). Therefore EPS boost will result in performance bonuses even if return on invested capital is poor
- Exec salaries are up etc.. etc.

Here's the full version: http://ethicalequities.com.au/2014/08/19/how-energy-action-limited-has-lost-its-way-asx-eax/

NB: "Not Held" but believe I still have an indirect interest, I hope not. Sold on open.