I thought it would be worse. They have been talking about a new...

I thought it would be worse. They have been talking about a new underwriting agreement since same time last year. Complete change in senior management since listing. Maybe they've taken their shares and run. Wouldn't place too much emphasis on Asia growth as no real margins there. Concern about their assistance business - DTC only there for listing purposes . No mention of the increase in overheads either - are they one offs or do they expect much the same in the next year.