Ann: Return of Capital - MYX (updated), page-59

The consolidation isn’t really the problem imo. It’s the failed capital management strategy around which it was wrapped and announced. They foolishly ran with a capital return & divi instead of a share buyback process; then they back-pedaled on the capital return, signalling a return to the bad old days of unreliability; they have not moved swiftly to list the business in the US and announce that immediately following consolidation which would’ve been the ideal time; they have yet to address the insane goodwill figure still on the balance sheet; and now they are understandably drifting without anchor. Consolidation could’ve worked - or at least had minimal downside - had they strategically and swiftly kicked into gear with all the other moving parts.