Ann: 2012 Half Year Financial Report , page-6

The high PE reflects IVC's near monopoly position and the business that it is in. About 18 months ago IVC acquired Bledisloe and I think they financed the purchase via debt. If that is so then their lender would have had a look at their banking covenants, headroom and security. My guess is that both parties did OK and we got Bledisloe as a consequence.