Ann: Half Yearly Report and Accounts, page-13

Ross has loss the confidence of the market to deliver. If they meet guidance this year on the midpoint of $10M PBT that equates to an eps of 5 cents, same as last year. It's worth 40 cents a share even if they deliver on guidance until RXP can demonstrate sustainable increases in eps and cash flow with the current federation of IT companies they have bought. I suspect they have overpaid for some of the businesses in the context they are not delivering the earnings growth anticipated. The other issue is that the vendors that are issued script at 75 cents or around these levels are not going to be very happy and hence motivated with the current SP. As the goodwill of this business is basically built on customer relationships and intellectual capital this is a problem for RF.