I struggled to find any positives in this half yearly...

I struggled to find any positives in this half yearly report.

HIGHLIGHTS OF THE HALF YEAR is a heading on Page 3 of the report. It should read "LOWLIGHTS .....".
The only item which could appear to be a highlight is that Net Debt reduced $2.8m during the period, however, cash on hand reduced by more than that over the same period.

How the company stumbles along from year to year without addressing the fundamental issues that continue to drain shareholder value, defies logic. This company is in the same business as Mortgage Choice (MOC).

MOC made a NPAT of $$18.7m for 12 mths. to June 2013
MOC final half dividend was 7c per share (13c for full year)
MOC share price is around $3.00
MOC grew its loan book and it is now $47.7 billion
MOC has approx. 120m shares on issue

Compare FFF and we have
NPAT - no way - a LOSS
Dividend - no way
Share price - below 2 cents
Loan book - $18.5m and shrinking
Shares on issue - approx. 770m

Why the huge disparities?
FFF and MOC are both in the same business, but one is well-managed and shareholders are respected - the other is run as a "club for the boys" (IMHO)

The ACE recapitalisation proposal has been a disaster from the start.
I Need to find a brick wall to bang my head against - why why why do I continue to hold this stock??

Will Grant Samuel Corporate Finance be able to pull a rabbit out of the hat? Let's hope so.

DYOR - don't rely on me as I am not a licensed investment advisor