Ann: Early Resolution of CPS and Pro-rata Offer Presentation, page-36

"Yes well whether SWM is dying or merely being severely injured doesn't matter that much (from a shorting point of view)"

I've never shorted a share in my life, so I guess we're coming at it from a different perspective. However, if I were shorting, it would matter to me to the extent that a dieing business could in theory be shorted at any price and be profitable, because it's fair value should eventually head to zero. Whereas, an injured business will eventually stabilise, albeit probably at a lower value.

So i'm interested, if you accept it's an injured business and not dead yet, what do you value SWM at? I ask because I can't put a price on it's value, due my lack of knowledge around the effect SVOD will have on it's viewer base and revenues, and to be honest, I don't know if anyone really has that information. Obviously, with recent share price declines, a lot of that downside is already factored in.