Ann: Restructure of Cootes Transport , page-7

Its a funny one this. The stock was already priced at a significant discount, sub 10x PE versus market on 15x, so a lot of bad news was expected. The brokers note I saw had assumed a 50% loss of the contracts so it was a somewhat expected event to lose the contracts. I agree Cootes is cactus but nobody I know of was investing in MCS for Cootes they were investing for the other part of the business which is way more important to profits.

So we have clipped $120m off the market cap or 30%..(for a stock that was already priced at a 30% discount to the market) for the loss of a business segment that is relatively less important because of the wafer thin margins.

I am just saying, someone has pulled the trigger but do they know more than I do? Possibly.....