Disappointing certainly - but hardly surprising. I declined the...

Disappointing certainly - but hardly surprising.

I declined the IPO when approached by the broker / salesman on the basis that I did not think there were sufficient synergies in amalgamating the individually strong businesses to overcome the introduction of corporate overheads.

However, now they have had some experience with the amalgameted structure, and the opportunity to consolidate, they now confirm positive earnings, albeit reduced from prospectus projections (what a surprise!).

Probably worth a punt at anything below half the initial offer price ($1).

I suspect the price to be depressed for a while by disappointed stags and tax loss sellers.

I see a chance to buy cheaply in the panic and hold for the medium term.

I'm in.