Ann: Investor Presentation, page-7

The underlying theme that came across to me in the presentation was that the integration synergies and expected growth is taking longer than expected to materialise. It seems to be more a hope than an expectation over the next few years and I keep worrying that a profit downgrade could come any day. Given the massive increase in volume, it would seem someone is selling aggressively and that may form a base for a price recovery. I am holding till the annual results come through but must admit that I am not overly optimistic at this point.