Yes surely there has to be some news flow soon to follow...

Yes surely there has to be some news flow soon to follow consolidation.

First Samuel have said on countless occasions that their investment horizon is long term so I don't think they will be hitting the panic button just yet. I also doubt you could make a case that this ruins their reputation yet either - its early days.

SP performance clearly not ideal but evaluating the performance of a 3 year trade after 6 months is pointless - you just have to be able to stomach the short term PNL and think longer term.

Still keeping the faith - consolidation and end of tax year - keeping buyers away - you get a decent quarterly and some news flow and that could change quickly.