Ann: Annual Report to shareholders, page-3

I remember reading the 2015 annual report and was horrified.

The 2016 report was surprisingly pleasant, compared to 2015.

The 2017 report was good. On accounting earnings, 33 cents looks fully valued. In the commentary, management seem to suggest the accounting earnings are understated, or there is accounting profit waiting to turn up in FY18. On economic earnings (which are probably higher than accounting earnings), I'll need to do more work. But all this doesn't matter as much as their acquisition.

I'm still waiting on the IER as to what this group might look like going forward, and whether we are going to have an accretive or dilutive acquisition.