Ann: Half year results, management changes and guidance, page-15

This has been a disaster from day 1 when they missed their first set of numbers. In hindsight, that should have been enough warning to cut and run. Death spiral from here, since any acquisition is going to be dilutive given the depressed equity, and that's before you even think about what the bank may or may not finance now. Mike Timoney started SIL with a lot of enemies in the dental industry, now he's found a whole new batch of enemies in the equity market. My prediction is this thing is delisted within 12 months. Absolute disaster.