A couple of interesting points in the presentation. Companies...

A couple of interesting points in the presentation. Companies invariably target head count as a cost reduction measure, in this case 74% of the 20% target, when inevitably there will be a rehiring and a big chunk of the redundancy costs could have been avoided. Targeting discretionary costs like travel and consultants and so on together with disciplined control and a smaller headcount reduction may have yielded a satisfactory result. But an important indicator is so often the disposal of shares by management - towards the end of June by Gary Cohen when he sold $2.2m worth, albeit with justification. Time and again this has proved a reliable barometer for an approaching storm.