While I was not overly surprised by the downgrade, I am completely surprised by teh size of it. Max is now down from $23m to $14m. What really annoys me is that expenses have not come down by anywhere near the same rate $26m to 22m. Not saying one should equal the other but would have expected expenses to come down quite a bit more. They knew this was coming and hence why we have seen no management or director buys.
Current Status
Previous Announcement
Ann: FY2017 Update and revised guidance, page-5
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