If they really are as confident in their position as they would...

If they really are as confident in their position as they would have us believe, there’s no good reason to not institute a buyback.

I think it’s clear that instos are out of this stock: they’ve had plenty of chances to pick it up and haven’t; so we see big moves on small volumes.

So it’s just retail mugs and the directors. As far as I’m concerned everything is pointing towards a failed venture as a listed entity. I have personal experience with the company and the reality is that good lawyers generally quickly go elsewhere and a lot of that seems to do with top down pressures that probably wouldn’t be as great if there were no stock market pressures. So who ends up at Shine? Newbies: the exact kind of people who would, for example, sign up dodgy clients and then rack up unrealistic WIP to meet their often ridiculous performance targets. Newbies, Incompetents and good lawyers yet to realise the going is much better elsewhere. Not advice or claim of fact, but opinion based on what I’ve reliably heard.

The real question is amongst all the dross is there actually enough cash being brought in to sustain an attractive proposition. Something else to note is that the dividends don’t look as attractive in a high inflation environment as well. Whilst we have this uncertainty and without solid management moves to dispel unease I unfortunately don’t see an improving position.