I am not going to make any comments; I am going to allow the Chairman and Board to speak for themselves...and I think my thoughts will be well understood.
On the strategic review in Chairman’s Speech, 21 November 2018: "We considered that given the strength of the Energy Action client base – servicing thousands of Australian businesses – as well a strong market position, that it was timely to consider all the options available to the company to ensure we are maximising value for shareholders. This includes a potential sale, joint venture or merger with another organisation."
On the strategic review in market update 30 days later: "While discussions with a number of parties in relation to a potential sale, joint venture or merger of the Company to or with another organisation were advanced, a compelling final proposal that met the criteria for synergies and value was not received."
Guide to business conditions in Chairmans speech, 21 November 2018: "...I am pleased to say we remain in great shape with strong organic growth prospects."
Guide to business conditions in market update 30 days later: "...operational revenue and Operating Net Profit after Tax (NPAT) results are materially behind the prior corresponding period. This includes a decline in revenues of approximately 20% from the prior corresponding period, and although Energy Action continues to drive operating costs lower, the decline in revenues is likely to lead to an NPAT result more than 50% lower than in the first half of FY18."
On the CEO in Chairmans speech, 21 November 2018: "...the Board remains committed to supporting Ivan, Michael and the Energy Action team to continue delivering to the operational objectives we are working towards as a business..."
On the CEO in market update 30 days later: "There are a number of contributing factors to lower revenues in FY19 to date, including the one-off impact of the strategic review process on the focus of the executive team....Ivan Slavich has tendered his resignation and will be relocating to Canberra for personal reasons."