Ann: AGM Presentation, page-3

If I had the time or inclination I'd go back through their previous announcements to see how large the projects are that are running over in order to work out the size of the bleeding. Something tells me they're at the larger end.

The whole tenor of the presentation is basically that they no longer trust themselves to mobilise a new team, which given their track record is probably the correct conclusion. So instead they're going to apply good margin to existing resources.

At one level it seems a complete circus but I've invested a chunk simply on the basis that it's generally better to buy these companies at the bottom rather than the top.

Having said that I'm entirely prepared to lose my dough on this one, all of it. Purely a risk based investment.