In addition to DrD's comments, the decision to roll with Horth...

In addition to DrD's comments, the decision to roll with Horth in preference to Grist and Spenceley, who believed they could better run the company, looks questionable. I mean, hadn't Spenceley runs on the board when it came to mergers? Where's Horth's experience in that area?

The second downgrade in a few months is a bad look. How could you possibly have any faith they've got it right this time? It clearly wasn't done properly first time around because blow outs in integration costs were surely known then. It was only five months ago.

As for the logging of income for a three-year contract in just one year, well, that's either stupid or devious.

I also feel uneasy about the leverage, but that might say more about my aversion to risk.

I'd feel better right off the bat if Bob Mansfield was installed as chairman. The current bloke's comments about the mergers costing more than expected gives me no faith he knows what he's doing.