Press coverage5 Feb 2020 21:10
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Sentiment towards the stock deteriorated further last summer when Mr Loosemore hived-off half of his holding. His replacement, Greg Lock, an industry veteran and ex-chairman of Computacenter (CCC), will take up the reins on 14 February. He joins a listed entity that has lost nearly two-thirds of its market value since its 2017 high-water mark and whose net debt has ratcheted up to 3.2 times cash profits. The market had been expecting that several disposals would follow in the wake of the strategic review announced in August, although there are no buyers in evidence as findings of the review came to light. There is plenty of bad news baked into the share price, but it is conceivable that the stock, itself, may be vulnerable to an aggressive approach. Hold.