Ann: Placement & Underwritten Rights Issue, page-10

I am mostly referring to a "new" CEO coming on Board, and former MD John Power stepping off the Board in late 2015 - which I still consider "recent" - and which probably has a significant impact on the direction of the business.

Mark Benson appears to have a strong business background and I actually was quite impressed with the CivilBuild acquisition, as it does appear to have been acquired at a very very reasonable price and serves the long-stated goal of diversifying revenues. So SND has also received quite a few positive ticks recently.

I guess part of my disappointment stems from the fact that I attach a 20% to30% premium to businesses that are self-funding their growth, as opposed to those frequently turning to the market to fund their growth.

By just going to the market once, SND has lost this previously held premium and just like scrambled eggs cannot be made whole again, it can now not regain that premium.

At the same time, I am not fundamentally opposed to growth through acquisition, but that implies a different risk profile and hence very different portfolio position.

Don't adjust your analysis on my account - I am just a plebe. I realize that the views I express on all sorts of stocks might sound very negative. That might partially reflect my personality, but I also find little value add when people only cheer on their stocks and Hotcopper becomes an echo chamber. I learn much more from expressing my view and then receiving well-considered counter arguments from the likes of you galumay, so thanks for your thoughts!

PP