No, what you don't realise is that this isn't about Creaturemagic and his trading patterns. This is about NOR. I don't know how many times I can say this. Focus on NOR. The company you are so heavily invested in.
You are correct though, NOR have estimated and forecasted revenues that haven't eventuated. And you are correct that the quarterlies do, very briefly, mention this with one-sentence statements that revenue was disappointingly low or uptake wasn't as expected.
Unfortunately, the ASX Listing Rules 3.1 basically says that a company must update the market if revenue is going to be 10% higher or lower than forecasted/projected. Revenue has done so, quarter after quarter. With the $3 million annual Affinion deal (forecasted to begin generating revenue in the September quarter of 2017), not even eventuating. The issue here is that NOR did not update the market that revenue may differ from projections/forecasts until after those forecasted periods/quarters were over. The company could be reasonably expected to have know during the quarter, that they were not going to meet forecasts. Given, for example, the September quarterly estimated revenue of $281,000 for the December 2017 quarter. By the time December 15th came around, or December 20th, the company would have known they were not going to meet this forecast. They made a total of $65,000 for the December quarterly.
As soon as the company was aware that it would not meet forecasts, which likely was around December 1st (given they hadn't even reached 1/4 of the forecasted revenue in the quarter), they should have made a market announcement. I do not know the intricacies of NOR, however, surely, in my opinion, by December 28th, the company knew, for certain, they weren't going to make $281,000 for the quarter. Under Listing Rule 3.1 they should have updated the market.
In the 31st of Jan announcement, that being the December quarterly report, in which they said
"“Despite strong initial Loyalty Partner interest in World Phone, it has become apparent that consumer uptake of the World Phone-based roaming travel packs through Loyalty Partners, such as RAC Travel and Visa, has disappointingly been lower than expected.”"
However, surely no reasonable person could argue that this meets Listing Rule 3.1 which requires continuous disclosure as soon as a company is aware. This is 31 days after the quarter ended. The company should have known before December 31st that revenue wouldn't meet expectations, but even if they claim they didn't know before then, they knew after the quarter ended. They waited 31 days. This is not "as soon as the company is aware".
So, as you can see, this has nothing to do with me, or whether I have a vendetta or whether I sold for a loss or anything else about me. This is about NOR and their questionable decisions and lack of forecasted revenue or lack of market update to correct revenue forecasts.
If any poster continues to attack me, or comment on how I am just bitter, I will not report it. That's childish. It will, however, be evident to every HC poster, just how silly that poster is. If you cannot remove me from the discussion and instead discuss the positives of the stock, people may begin to realise there are no positives. So please, moderators, if a comment targets me, I'd rather you leave it up. It will simply prove that posters are so desperate that they must attack me, instead of dispute my findings or present their own.
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