norfolk's 2012 top 20 shareholders, page-2

Sagh, thanks for your recent great posts on NFK.

Everything is reassuring; which aligns with my previous post.

IMO, NFK would be a great fit with UGL, due to:

*Its significant and growing annuity type of earnings (safer);

*A great fit with UGL's other services. NFK's services could be gradually grown by UGL to service its existing clients in property services internationally.

*A much lower P/E means UGL would obtain earnings accretion from day 1.

One question I have about NFK is: "what will it do with all its free cash flow when it has no net debt and is only paying out 25% of NPAT in dividends?" This is a positive, as it can only flow into:

*working capital for larger projects;

*capital management (share buyback);

*greater dividend payout ratio.

Any of these would be good for shareholders.

Good luck to all long-term, value investors.