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The markets don’t like it, not just the fact it is another loss – which was expected, but more importantly the size of it €278m – which appears was not expected.

Analysts/fund managers like to be comfortable that companies whom they invest in, keep them well updated, this appears to be a surprise.
(A 3% overnight fall specific to IAG and not its industry sector)

If it is a surprise to fund managers that either IAG weren’t in full control or IAG had chosen not to keep the market updated, such behaviour will lose investors confidence.