Ann: Appendix 4E & Annual Report, page-147

Thanks for your measured reply tex

A key indicator for me in these situations is always the peeps involved and their abilities and incentives to perform / deliver.
Without the right the right people it all becomes idle speculation!
this has been idle speculation for an extended period of time now and that reflects poorly on management...
Yeah they are great guys....yeah they are large players.....yeah they are in the umteenth iteration...
this is all poor speculation that is causing the SP to stagnate...WD will eat this deal for breakfast ...because by the time it comes to the table ( the next fab iteration ) it will be obsolete and another design spec will be required!

This is what has occurred for the last 12 months and will continue because the right people dont seem to be beyond the current performance requirements ( out to 2025 2030) thats where these guys need to be for this to be a success for management, the company and any lucrative deal / buyout / takeover that occurs...
this is fact - indisputable - thats the umbrella safety of a tier 1 - they eat you and you sigh a whimper of relief at not being caught with an outdated superceded fab.

thats exactly why no news came out of the last meet that everyone held their breath over - the wrong peeps in a poor situation just manageing to tread water. ( idle speculation - poor outcome)
This is not downramping - this is objectively summising the position to determine if a good return is possible on investment at the moment....my opinion is not quite yet....unless something fundamentaly changes in the 4ds stable and a better strategic direction established / outcomes will only disappoint.....

just my opinion - as unpopular as i know it will be
believe me - i wish it were very different

Idle speculation....we are at exactly the same SP we were at in november 2016....i think .....the highs of Aug 2016 were 6c not a good reflection on the people in the mix.
Again ...investment fundamental...not speculation.

just saying