Ann: Trading Update, Merger Update and Transformation Plan, page-52

This has now become a trading stock. While I think the sell off is overdone, i also believe there will be a further profit downgrade in the 2nd half of the year. If you re looking back at the history of announcements over the past 8 months, this is the third profit downgrade and they are also unable to provide a guidance. Classic 'smoothen the blow' in finance and corporate announcement. Leasing industry is really slow and you can foresee whether an asset coming back at a loss or not over the next 6 to 12 months. If they are unable to do it and convince the investors, then you should not run the company.

A CEO with ethic and integrity would have resigned by now and accept the next job of walking the dog, teaching his kids doing homework and watering the garden daily. Unfortunately, past events and facts have shown that the CEO has absolute zero integrity so he will fight to keep his job to the very end.

DYOR