Tim: I don't disagree that the decision to hold back the application was playing things a bit cute and was (in hindsight) a poor decision. But nobody has a 100% strike rate.
SM is in a paradoxical position - if he gave no timeframes, people would accuse him of not managing the process or failing to inform the market. When he does give timeframes they are indications and not hard and fast deadlines, which people then take as such and jump up and down when the deadlines (which they infer from the guidance SM offers) are not met.
As to Quintiles paying retainers for staff - that is their cost to bear, not TIS. Just because the staff will work solely on Vitrogrow doesn't mean they are not capable of doing other things while they wait. Given that full employment isn't exactly an issue in Europe at the moment I'm sure the possibility of staff walking out is not exactly a risk at this stage. Getting staff in to work on a specific job and then having delays mean they can't start doing exactly what you employed them to do is not uncommon and I have encountered it on a few jobs in my time.
TIS Price at posting:
48.0¢ Sentiment: LT Buy Disclosure: Held
