The disappointing trading in the year to Mar 2016 and year end net debt position of €119m mean a resolution to its capital structure is required in order for the group to convert its significant opportunities. Until this is resolved, we expect the shares to be under pressure and may well trade below intrinsic value. The market backdrop and fundamental market position of the company remain attractive and we believe its growth prospects, particularly in the US, the largest PMR market, are exciting.