agree with your thoughts pslally. Cost + at this stage of the cycle is a good model, and overheads are coming down, so fixed costs unwinding. Management are being very proactive in streamlining.
The only part I am not hugely happy with is the fact that management came out and advised they are talking to investment banks for advice to protect themselves from a takeover attempt. To me, that is protecting their own interests. As a public company they should be looking after the interests of shareholders, and if a takeover offers value it should be assessed. Removing the takeover premium from a company at this stage of the cycle only acts to depress the stock price further.
hold my hand i'm dying, page-32
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