$40 cents club, page-1613

The problem for shareholders is there is no visibility on capital management. With the recent dilution due to capital raise on the sale of RED shares for no apparent reason except perhaps to increase the arsenal for M&A. This along with the SLR merger severely disadvantaged SLR shareholders and the recent underperformance of RED against the sector is a reflection of that which is hurting all shareholders. What happened to the re-rating the fans of the merger were crowing about?

Until RED management demonstrate that they are looking after shareholder interests the SP will struggle to maintain a price relative to the intrinsic value of the business. This is because it is future cash flows delivered to shareholders that matter. I would like a policy published on the capital management policies.

I would like a reduction in the Board headcount, 8 is excessive.