I'm not sure it would damage Peter's ego if he as MD made the...

I'm not sure it would damage Peter's ego if he as MD made the decision. Certainly wouldn't hurt his back pocket.

I don't know much about PKBA, but none of the people who were involved in the deal with Accord are still employed by Annitel to my knowledge. Not sure about MD at the time Mark Stead he sort of disappeared.

Not sure the conclusions you make regarding the management of PKBA state any thing obvious - if they did pay too much for Accord that would seem to indicate a management failure. If they didn't pay too much and as you say did not make much profit relative or otherwise that would indicate a management failure as well. Also if PKBA were doing so well why did Peter have to put so much money in to get the deal over the line with HTC - it doesn't take much to do a bit of research to get clarity, and I'm only telling you what is publicly available.

There isn't much wriggle room in assumptions and conclusions nor what is consider obvious, but that's part for the course with this company.

I do thank you for the update on management though, if the old PKBA team is back together I'm not sure there is a future for Annitel given PKBA's position at the time of merger - it will just be more of the same.