PurpleBricks isn't the issue for me. It's Belle and smaller boutiques, rapid expansion in VIC (yet they didn't have a single auction listing this past weekend in VIC), the cash they are ploughing into IT and systems which I feel is wasteful and the weak performance of their company owned offices.
I want to know why they updated the market earlier this year and corrected a broker's estimate of FY17 performance. That was really odd. Do you do that to push the price down to lower the strike price for performance options? Because you want to privatise?
I hold shares because I think John McGrath is so well connected that he'll orchestrate a buy-out with a bunch of high net worth types. Just my opinion.
MEA Price at posting:
67.0¢ Sentiment: Buy Disclosure: Held
