Yes surely there has to be some news flow soon to follow consolidation.
First Samuel have said on countless occasions that their investment horizon is long term so I don't think they will be hitting the panic button just yet. I also doubt you could make a case that this ruins their reputation yet either - its early days.
SP performance clearly not ideal but evaluating the performance of a 3 year trade after 6 months is pointless - you just have to be able to stomach the short term PNL and think longer term.
Still keeping the faith - consolidation and end of tax year - keeping buyers away - you get a decent quarterly and some news flow and that could change quickly.
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