It is not often that we find ourselves recommending shares in a company with a dismal track record. It is even more difficult to recommend shares in a company where the board and senior management fail to meet expectations and have perennially underperformed.

These incontrovertible truths are worsened by the company’s demonstrated wilful disregard for the moral and commercial imperatives that underpin the need to transform. But occasionally the potential upside in a share is so great that the negatives are more than compensated for in the share price. ..

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