I agree with both Henry's. I can't believe investors in the ASX...

I agree with both Henry's.

I can't believe investors in the ASX are so hasty and unforgiving. Vocus has just completed 3 massive acquisitions. It has been mergers after acquisitions after mergers after acquisitions. And investors are only giving ONE (read: 12 months) to bed down all the above AND extract synergies?

Come on, I'd like to see you merging merely two small companies with market cap of $10m each and extract synergies within 12 months. These things obviously take more than 12 months. And Vocus's market cap is in the $billions, with tens of thousands of employees and multiple systems and channels and lots of overlapping layers of management. I think it'll at least be 4-5 years for any synergies to be extracted and visible on the Results. Vocus is very obviously worth more than $6 to me.

However, have to say that management has been too eager to please the public and overpromised synergies can be extracted from the get go, even as early as the first 12 months. Very silly of them to promise that. It was obviously not going to happen. I can't imagine streamlining tens of thousands of people, multiple offices, business units, departments, different sales systems, ERP systems, etc in a short period of time. These things take years. Silly, silly management to promise that. I guess they felt the pressure to promise that but shouldn't have yielded to the pressure.

Anyway, I put my money where my mouth is and have 27.5% of my active portfolio in this thing now.