http://www.nzherald.co.nz/business/n...ectid=11349590
Herald article about the reaction to the weird "no forecast" decision by Orion.
I accept that software companies often have strange revenues. One I was working for actually had sales drop to $0 in one month during the Telco crisis. But Orion could have put a conservative sales forecast and then beat it. Why didn't they? I believe it is because it wouldn't then justify the silly price range they've gone for.
One has to ask why they are going to market? It is to rasie funds while they are losing money and trying to land grab. All good, but why wouldn't they just borrow the money for a small 150m? Well, rates are looking to rise, and going to market is risk-free capital for them, only downside is all the moaning punters who actually want a good investment. (like me)
I'm still somewhat bitter over this one. Why no forecasts and a stupid price range?
A great company, shame about the price.