Ann: Quarterly Update and Appendix 4C, page-86

It is not a reasonable opinion at all. He criticises the company for it's spending on staffing by quoting an extremely outdated list of staff then in the same fortnight makes the statement "these types of initiatives generally apply to declining businesses not growth businesses" when it was announced in the quarterly that the company was cutting FT staff due to strategy change.

Its just not a consistent position and he has no basis to claim to be objective and balanced in his commentary. Without a doubt he is a down damper.

And as for balance sheets, any numpty can see this company needs to make some money, and the SP is where it is due to the huge uncertainty of near term cash flow. If this uncertainty wasn't there then it'd be less spec stock and more tech stock. For those that believe in the tech, we may still be rewarded. For those that doubt, the sell button is there. Goes for you too, cat.