Ann: Market update, page-27

They can't blame Pershing for the H1 guidance. GBT apparently gave Pershing a 6 month extension through to the end of the March quarter 2016 so it's loss will only be felt for the last quarter of H2.

As for regulatory drives of the International CM division, the long awaited move to T+2 in the US is supposed to be a large opportunity. As an aside, a quick google search shows they picked up a new Syn user in Asia in just the last few days.

I agree acquisitions are most likely coming, I think they are looking for something that will give them an existing customer base in the US.

I think the share price may need to $3 or less before I am interested again or post a strong H2.