Ann: Chairman & MD AGM Address to Shareholders, page-17

It does seem more of a value play right now, especially when you look at sector wide valuations, even OTW with similar levels of growth, profitability etc is trading at 20x anticipated FY18 NPATA. I want management to add more acquisitions - but they did flag in the prospectus that they intend to pay 40% of stat earnings as a dividend in FY18, so maybe that will be the catalyst for a re-rate.. Overhang is a great change to build a sizeable stake for a business that looks like it doesnt have much downside.