Thanks CM, that's a really well researched post and well...

Thanks CM, that's a really well researched post and well received. Norwood have over announced and under delivered constantly. Their revenue projections in their forecast quarterlies have always been missed, often by up to 70%!! The revenue announcements versus the earned revenue as you have presented is a huge blight on the company but if the ASX and ASIC have done nothing by now they never will.
I'm sure Norwood would simply say those projects are still on the table, its just a timing thing.
In my view Norwood have constantly and seriously mislead the market with their announcements and should inform the market honestly on the status of the previously announced revenue deals. But it seems they are under to obligation to do that from ASIC or under any pressure from holders to be honest.
For example Paul is still estimating loyalty revenue (page 5 of the March update) as typical fees per user times the number of cards on issue. That's not expected revenue, that's the maximum possible revenue under the deal. To estimate actual revenue you need to multiply that by the average take up rate, which after a year or two is a measurable figure now (for Affinion and RAC), Paul has intentionally not mentioned the figure just waffled with bulltish about how its priced for high adoption rates. That market update is complete bs.
More and more I think about this I've decided that either the tech is bad and Paul should probably resign, or the tech is good and the sales are bad and Paul should sack whoever is in charge of sales, probably Steven Tot.
I think it's really time for meaningful change in personnel as the current team is failing badly.
Creature, I'm a fairly significant holder. If you'd be interested in sending me your proposed letter and research to the ASX and ASIC I'd consider co-signing it with you.