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Panmure note out this morning on Research Tree: "SDL’s Chairman David Clayton knows his Sun Tzu - nonetheless he seems to be getting a lot of new soldiers of late as he drives a deeper restructuring than we had expected at SDL. But change usually needs new blood – or soldiers. To be sure, we are still awaiting that asset sale, the timescale for which was not disclosed. Yesterday we had news that the well regarded Chris Humphrey (he made money for shareholders at his last gig) signed on as NED at SDL. While to the investment world Mr Clayton is shrinking SDL, his actions..."
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