agreed Spheria are very good small cap value managers who are...

agreed Spheria are very good small cap value managers who are happy to invest in a contrarian fashion.

one needs to consider ccx at current price and i think its not
hard to see this as a very good risk / reward . Even at low 90s its
a 30% return with a very solid level of downside protection due to significant value in inventories.

i can see this returning to mid 1s over the medium term but ST 80-95c very possible

hard to imagine this was 6 dollars and a market darling , it’s this that has created the excessive selling as some funds exit