Ann: Presentation Griffith Hack Acquisition and Entitlement Offer, page-8

I rekon more focus on the price paid then fussing over the discount of the entitlement offer. The price paid for Griffith Hack while not excellent is okay considering QIP when IPO at Enterprise value/pro forma consolidated FY17 forecast EBITDA of 11.3X and IPH is currently trading at about a little over 12 times. Note XIP paid 10.5 current 2016 EBITDA not 2017 forecasted. Griffith could probably get more by going IPO themselves.