<!--StartFragment--> <strong>JOHN BEAUMONT</strong> SINGERS<br /> <!--StartFragment-->&ldquo;The resignation of Tim Clarke may be a bit of a shock to the market initially. He has been very good at guiding the strategy of the company since its demerger. But this does not change our thoughts that the company is well positioned to continue taking market share and is under-valued. We remain buyers with a target price of 314p.&rdquo;<br /><br /> <!--StartFragment--> <strong>MATTHEW GERARD </strong> INVESTEC<br />&ldquo;Given the operational progress M&amp;B has made since the demerger, this may initially be viewed as a disappointment but Adam Fowle, an M&amp;B veteran, is a very capable replacement, even if it is just on a temporary basis.&nbsp;Now we have visibility on cash flows post the swap closure, we think a rights issue is a realistic possibility.&rdquo;<br /><br /> <!--StartFragment--> <strong>JAMES AINLEY </strong> PANMURE GORDON<br />&ldquo;Tim Clarke has resigned. Adam Fowle is to take over on an interim basis but we think may ultimately take the role full time. Given the strong cash generation and increased banking facilities the group appears to be edging away from the need for an equity issue to repair the balance sheet.&rdquo; <!--EndFragment-->