I bought this stock for two reasons, firstly because of massive free cash flows and therefore anticipated big dividends and or buy backs. Secondly, a merger or takeover of some sort.
This first point seems to be going out the window, management are reluctant to pay out free cash and instead want to spend it all on new products and offerings, I don't have much faith in management to execute on these initiatives. Previously my lack of faith wasn't as problematic, all they had to do was collect the checks and pay the dividends, this is no longer the case as flagged in the investor presentation, there will be significantly less free cash flow going forward.
Now the merger or takeover angle is still very much in play, in fact more likely now than ever but I think what is clear is noone is interested in paying very much. Sky waving the white flag in slide 80 imo comes from a position of weakness and they're probably getting hard balled on negotiations.
Last year I didn't mind having unlimited patience for a deal as long as the dividends returned and I was being paid for my patience, this is no longer the case and there are good reasons the SP is in the toilet.