John
We have brief comments on PLC from Monday. Essentially, with higher rates and an uncertain market investors have been shying away from acquisition-driven stories. Small caps can also suffer from investor aversion in such a market. Debt is high, and there will be a squeeze from higher rates. Also, the last quarter was weak, and it has missed numbers in four of the past eight quarters. Certainly, it needs better execution. But..it is priced attractively and we do not think the original growth thesis has changed much. Clearly we would like to see better momentum but we think it will be a winner in the next two or three years.