However having read the full year results that came out on the 24th May for the period ending 31 March 2016 I am frankly appalled by what I read.
Put simply my reading of the results is that
-Management are routinely missing operational opportunities and have demonstrated little skill at delivering those they are aware off.
-They have set up a reward scheme for themselves that is contrary to the best interests of the shareholders.
-The group formed has, by management's own admission, little synergistic benefit. The benefits for the synergies being claimed look overstated in some cases.
-The mantra is to double in size by 2020 but management have only delivered 2% revenue growth in the year ending March 2016. Which means a highly acquisitive strategy will be required presumably funded by either debt which management are not penalised for taking on (though rewarded for the accompanying revenue), or by a rights issue.
I see in the next few years only 3 likely scenarios
1 - Management will destroy current shareholder value as they attempt to double in size.
2 - Management will transfer an ever larger amount of the value created to themselves.
3 - A 3rd party will buy the business and probably sell a substantial part of the business to other parties. It is the hodge podge nature of the business that makes it IMHO more likely that it would be a financial rather than trade buyer who might achieve this.
I have therefore no interest in acquiring any more shares in this business and intend to sell my current holding in the next 5 months. I do leave the door open for any acquirer in that period. But do not feel comfortable that management is working in my interests so am a seller.