Ann: Early Resolution of CPS and Pro-rata Offer Presentation, page-37

At this moment in time I can't see the point of trying to value it - the trend is clearly down, and if I've learnt one thing in thirty years of investing, "The trend is your friend" would have to rank pretty highly. I still don't think investors have fully realized the impact that trying to compete with Netflix is going to have on SWM. Netflix market cap is around US$34B whereas SWM is a mere minnow at around US$1B. When investors see that SWM has been spending like a drunken sailor merely to TRY to compete with Netflix it's likely that panic selling will set in - I've seen it over and over in similar situations. There's a mad rush for the exits and the sp falls like a stone. Then of course there's the rapidly accelerating move away from 'the box' to mobile devices, Ipads etc - I'm not just reading about it in articles but seeing it all around me every day. People who can't see what's happening must be living in retirement villages or something.