If you’ve been a reader of The Fifth Person for some time, you might already be familiar with Nera Telecommunications and our past coverage of the tele- and info-communications company.

We first got interested in Nera primarily due to the potential growth in its recurring revenue streams when it first entered the payment solutions segment. As investors, we love to see stable, recurring revenues in a company – it gives us a form of predictability and the market generally tends to favor and place a premium on companies that have high recurring revenues.

Victor Chng attended Nera’s FY2013 and FY2014 AGMs while I attended the company’s most recent FY2015 AGM as we continually sought to gain more insights on Nera and how the management planned to grow its payment solutions segment.

So it came as a bit of a surprise when the board revealed, one day after the latest AGM, …