Pitch, page-18

Some good posts, thanks. I did some similar posts late last year, so I won't repeat them here, but those interested could refer to them. Some comments on the above:

* 9 months period update is due between now and first week of June; Management have strong history of not disappointing, being conservative with their guidance.

* the pharma business is currently a free option with no value reflected in share price; so poor performance should not cause any share price reduction. However, positive performance will be a major upside to share price, and this is far more likely given the strong and advanced pipeline of new products.

I am also overweight with TFS at about 6% of portfolio, and very comfortable with this even during major share price movements.