Ann: Half Yearly Report and Accounts, page-9

No-one's arguing with you on that front Swami, but as I understand things, share price usually takes the future into account just as much as the past.

What value you put on that will determine what you think the company is worth.

Quite clearly for you, that value is less than the current SP.

Plenty of other people disagree.

Exactly who is right or wrong doesn't really matter, we've all seen examples of grossly over valued and grossly undervalued companies in the past.

The level of commentary appearing on this board over the last 18 months makes me believe that no-one posting here has much of an idea exactly what is going on at IWG, or if they do they are keeping quiet.

Quite possibly sensibly.

All the best.