"I don't know if the 1-Page business has merit or not." – Andrew Chapman, as quoted by The Australian Financial Review.
1-Page Ltd (ASX: 1PG) created plenty of excitement among the investing community as its shares soared from just 20 cents at its time of listing to a high of more than $5 in October 2015. However, the shares have since plummeted in price; they're now fetching less than their listing price at just 19 cents.
1-Page presented itself as a start-up specialising in the recruitment software space in promising to revolutionise the way companies hired and promoted talent.
The idea itself had promise, but the company has thus far been unable to monetise it in any material way. The company recorded $3.7 million in operating cash outflows in the three months to 31 October 2016, with just $353,000 in receipts from customers.
Investors are clearly unhappy with the performance. According to The Australian Financial Review, one of its biggest shareholders, Merchant Funds Management, is even attempting to disband the company's board and proposing the "orderly disposal" of the current business.
I once owned a small parcel of shares in 1-Page as a speculative bet, but have since sold my shares. Despite its reportedly compelling customer base, the company itself has struggled to make any ground, and investors ought to steer clear of the business, in my opinion.
