$8 target, page-82

Jim, the share price is a reflection of investor sentiment not company performance because investors don't know how the company is performing or will perform over the next few years. Sure the H1 results weren't pretty but it was only six months into a major acquisition. There were delays and potential bad news in the form of Osborne reforms. That does not mean things wouldn't sort itself out, given time. The shares were sold down by short sellers and investors jumping out. It worked out well for the shorters and made news for the media.

It's too early to say it was a bad acquisition without giving the company time to settle down. Today I don't agree with you but that may change one day. I'm hoping not.