peter canterbury, page-23

westcott,

Ok we have differing opinions. I think you are wrong, and that if SDL entered into a JV with another company, the SDL CFO would have an integral role to play going forward.

IMO you are either intentionally skewing your answers to keep your JV dream alive, or you don't understand the role of a CFO in a publically listed company and the amount of work they would have managing SDL if a JV was entered into. SDL would be a partner in the JV, meaning it would need to keep all of it's corporate structure in place and separate from that of the other partner, rather than being usurped by staff from the other partner. Core is a private company and a completely different beast. The 'big boys' are involved by way of equity in Core itself and therefore have their own people working within Core.

Financing of SDL's portion of the JV, company and management reporting (both internal and external financial reporting), formulation of strategy outside of the JV, continually assessing the capital structure of the company, investment of cashflows from the JV, managing the company's financial risks, the list would just go on and on. All for a company with a MC of what I would think would be in the billions if a JV was pulled off. If the JV option is still alive, PC has walked away from all of that to take the CEO role at a company with an MC of less than $30m.