Ann: 1H FY16 Update, Appointment of CEO and Revised Outlook, page-6

Repeat: (the Board should be held to account for this)

"...But be watchful of turnarounds coming back to the public market. If they're only demonstrating margin expansion, but not showing revenue growth, it's a lipstick-like enhancement. Unless you believe the margin enhancement is permanently sustainable, they might be overvalued.

If the PE deal arrives on market day with a message saying, "We fixed it" – take a moment to remember what Monty Python would say, "Beware. This is not a wine for drinking, it's a wine for laying down and avoiding". And at this time of year, above all, there is no need for unnecessary drinking..."



Read more: http://www.copyright link/business/banking...more-cautiously-20160106-gm0lqk#ixzz3wdB6YTZORepeat: (the Board should be held to account for this)