Results were in line with expectations. I had forecast $10m...

Results were in line with expectations. I had forecast $10m operational cash flow, so out by the same amount as Auto. Total cash didn't change due to price adjustments and creditor repayments. As Auto points out, balance sheet has strengthened but that is not the immediate issue that needs to be addressed.

The problem is that management doesn't have a clear strategy or plan. They could go on looking for quality assets at good prices for years and just erode value during that period. There needs to be a plan B and a timeframe for putting that into action if an acquisition doesn't come off.

For management to just keep on repeating the same broad motherhood statements is unacceptable.