I would verify where those overheads were cut - a one time...

I would verify where those overheads were cut - a one time shutting down of the overseas offices which were unviable?
If at all the overheads will zoom this year.

Not trying to be negative but when a minnow acts as if it were a BHP and tries to imitate their cost savings - usually the reverse happens. Simply put the size of the Company is too small. Cant have 2 swords( Casey and March)in the same scabbard.

The whole thing depends on whether they would be able to squeeze some juice out of the integration.
Not particularly enthused by purchase of assets at 25% PA costs. Does not fill the hole of the earlier business which I see no strategy to bring back on the rails. Its simply creating a new venture and asking you to forget the old ones which have he liabilities etc.

Could go either way.