I cannot talk for Steve but it has been mentioned above that dilution is a concern for many (including me) as well as acquiring companies when our SP is the weakest its been in a long time.
I recall topping up last year in October for 4.9c. The company was in a better postion then than it is now. The acquisitions may make the company grow faster but they diluted the shareholders position. The only winners are the owners of Partons and Kaddy and the people with DW8 performance clauses as buying businesses no doubt gets them closer to performance targets.
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