Ann: Acquisition of XINN and successful institutional placement, page-6

I am out here.
Whilst the investment may come good, my thesis is not aligned with what is happening currently and there is significant additional risk with the numerous acquisitions onboarded.

the slides also suggest material increase in cost base, and I am concerned that these capital raisings and acquisitions are masking fundamental problems within the underlying business and its organic growth prospects. In my opinion, the best case scenario, the acquisition spree is fortification against the competitive onslaught from private competitors, which still implies structural issues with the investment thesis.

That being said, it wouldn’t surprise me if holders still do well from here, it just isn’t for me.