Well, what a day yesterday was. Ignore increased by 30%. My...

Well, what a day yesterday was. Ignore increased by 30%. My return in SGH down a total 85% since holding. A financial report that makes you wonder "what the hell is management doing". A financial report that is confusing to read and is probably the worst setout I have seen in 40 years of investing. I could go on but it would not achieve much.

Management has to go. Recovery can only be undertaken by selling assets (which would be a bigger disaster for shareholders) and/or a change in management and decision makers. Management has to go in order to establish a road to recovery. Growth in our investment in this company will only be obtained by a complete revamp of management.

As well S&G has to learn a further major lesson and that is information to shareholders. A further Ann is required detailing the path to recovery the company is undertaking but I doubt this will happen under those currently in charge.

I am here to ride this out but it does test my stamina and the loss is currently too great to do anything else but stay.

This company is recoverable but will only occur with a board and senior management shake up.