Ann: Merger of PGC and CH2 Holdings, page-23

Given the amount of shares CH2 are getting and high much higher their ebitda is, I think you would find they are carrying considerably more debt, and thus again we will see greater size but earnings per share struggling. Also the constant M&A activity seems to disguise that many of the existing businesses are underperforming. There will be a year of 'one off' costs for the merger, and then another of 'one off costs' for trimming and reorganising further and the promised pro forma results and synergies never quite eventuate.

With the high debt load- the business is at risk and this surely makes dividends either unlikely if they are prudent, or risky if they pay them. And there is potential for major shareholders wanting to reduce their stakes now they are liquid, so my guess would be share prices stagnates around 20cents for a couple of years.

All in IMO- and for holders sake I hope that this time it really delivers. I once held and was glad to get out and put money to work elsewhere, as this was a 'value trap' which keeps destroying capital. Still interested in following it though to improve my education. Good luck,