On the face of it that would appear logical, giving Turners quick access to a car sharing platform. Oddly though it is a big departure from core business, but then again Turners have yards full of vehicles that they could be offering to market for car sharing. I've followed CL8 for about 5 years, they have not impressed me in any respects, constantly shifting strategy, schizophrenic solutions left abandoned when they don't work out, constantly raising capital, share price around all time lows after years of decline, propped up by Hyshenk (major shareholder), poor execution, questionable leadership, unprofitable. They have for year mislead shareholders on imminent profitability, no more cap raises and been opaque about strategy or execution. They may survive and prosper eventually but since I've been in and out a few times (an occasional trade on news, sell the spike), I've seen numerous competitors emerge in Aus that are executing more effectively, and now there are a number of established competitors (in car sharing) in New Zealand.
I'm unsure why Turners would diverge into car sharing and slap a cool million into this company CL8. Has this been flagged anywhere in their strategy? If so they could've bought CL8 at 7/10th's of a cent recently (or maybe that's what they paid?). Again on face value, this is a much better deal initially for CL8 than it is for Turners, CL8 get the money and Turners get a stake in a company that has struggled for years.