JLR Microcat renewal, page-12

Seems to me that the Clifford Thames anny merely confirms that the JLR contract with IFM won't be renewed beyond expiry in 2017. Given the reasons why IFM and JLR parted company in the first place, I'm not surprised by this development. Current market volatility, change of CEO, recent board issues and possible perception that the loss of JLR is symptomatic of a potentially bigger earnings issue creates uncertainty. To my way of thinking, all of this is already priced into the stock. Time will tell whether or not this is a rare value opportunity or value trap.