Ann: Consolidated Operations Group and CML Group-Merger of Equals, page-112

Looking at COG chart, after todays fall back to where it was 5 years ago more less! Apart from the large stakeholder who probably cooked this up the market does not like at all, from both sides. Naos should just cut there losses and go find a beach to retire to. Worldly experience has shown however it looks on paper or in a presentation, it rarely works if you mix cultures CML a fintech environment with COG a salesman organisation you are going to need a Jack Welch (GE) or Kevin Sheedy to make it work.
I do not think there is one available. This deal is not a good one and does not make sense for cml shareholders unless the balance sheet has altered since the financial year end.