Another bad CALL?

I mention this company with some trepidation. Cloudcall formerly known as Synety. All my history with Cloudcall is contained in the following blog and links:-

http://michae1mouse.blogspot.co.uk/2015/09/open-doors-that-needed-far-bigger-push.html

The link above will give you a feel for why I invested in the first place at around 150p. Fortunately, as explained above, I only place small amounts of capital in my more speculative investments. It's just as well since they are more often than not my worst performers. Why wouldn't they be? Why do I bother with them? Answers on a postcard please.

From the link above, I wrote:-

"In my view the group still has it's work cut out to achieve cash break-even and an operating profit. That said, they are clearly getting there quite rapidly which means that even in the eventuality that they do need to raise more cash in the future then the scale of the cash raise should be minimal, and with a supportive shareholder hopefully not at a deeply discounted price."

The share price was in the low 90s at the time. Oops, cue another placing at 57.5p. You need a sense of humour when you're investing or should I say speculating in the case of Cloudcall.

Anyway, as you've guessed I've taken the sensible option and walked away.

Except that's a lie and I haven't done the sensible thing, and instead I've bought some more at prices around 55p.

Now I know what you're thinking. He's lost the plot with this one, and you might be right.

However, in my defence, the company is making progress (albeit far more slowly than originally hoped), and if they do reach break-even then it's game on since this company's revenues will largely be recurring revenues.

I like the ties with Bullhorn and I don't recall the Directors selling any shares, in fact quite the contrary, they have been constant buyers and have a lot of skin in the game.

I should emphasise that I have bought another modest amount for me, and except this speculation could go either way.

The only consolation (if it goes wrong) would be that at least I know the Directors would be sharing my pain. Only more acutely.

I'd suggest starting your research with the latest interim results if you're interested, but I will say again that this is not a conviction buy for me at this stage, although things can change depending on their progress.