R1 has been very weak recently and they have substantially underperformed their closest peers over the last year. We believe this is mainly due to share flowback from recent deals and has nothing to do with fundamentals. Recent trading has been in line with expectations and they have announced 3 earnings enhancing deals this year. 3rd party industry commentators such as Comscore and Pixalate continue to score RhythmOne very highly, with a No1 rank in the US, and No2 internationally for Pixala ....