Wouldn't scoff. They have to come up with some news soon, after all they've been planning for nigh on a decade, and the acceleration in the Board moves over the last few years must be a prelude to something (though admittedly O'Toole's strategy seems to have outlived him, maybe for want of anything else) . . . They've put considerable effort into keeping shareholders on board too. For what? So, our old friend TINA is back again.
They got rid of the Wolf, but it doesn't keep the wolf from the door.
The present state of limbo surely serves no-ones interests. I'm just interested to see the size of of further write downs this time.
Perhaps it's me (and probably is) but I'm totally confused by your post. What is TINA? Who's the wolf?
The Coast Capital intervention has clearly focused the minds of the board, hence the view in divesting parts of the business. With David Martin coming on board, it will be interesting to see what they actually do. Does the policy of separating UK Bus get pursued or not? What of the rail business?
Offloading Greyhound would be a start and they had already written that down, doubtless to support a disposal. Whether that write-down was enough is a moot point - depends how much someone offers (and indeed, who would want it though it does have a reasonable property portfolio).
What is a problem is the restriction on capital spend for UK Bus. What little cash that is available has gone to Cornwall, Glasgow and Leeds. Future plans involve Eastern Counties whilst Bristol's new fleet is delayed until 2020 to meet various quality commitments. Meanwhile, other profitable fleets such as Cymru and Leicester are reliant on cascades and doubtless, there are other fleets with good services that are now being hamstrung.
One thing that must be highlighted is that the UK bus industry is going through a tough time. People will point to various OpCos cutting services (Aberdeen, West of England, Glasgow) but we've seen Stagecoach cutting in Gloucestershire and Northants (on top of earlier cuts in Kent), and Transdev also cutting in Lancashire.