Ann: MCP Announces Completion of Equity Raising , page-10

re: Ann: MCP Announces Completion of Equity R... I Ocker,

Fair call and I have thought about your comments re risks and they are non-trival so worth thinking through.

Don't have time today - may have a chance later - to provide some logic to my view.

But, needless to say I'm prepared to back management and their track record to-date. Worst case scenario the acquisition is not a company breaker IMO, but if growth from this division continues at the pace of the last three years it may add material benefit over time. I also like the fact that existing management have retained ownership shares and stayed on in the business to provide their expertise/ relationships.

The dividend yield is looking great at circa 9% and for you Aussies its even better in that franking credits are available.

I do see distribution, administration and sales cost savings here and whilst I understand that the flatware and appliance markets are, in part, hosted by different retailers, here in NZ, there are certainly stores that sell both and I have seen Harvey Norman stores (here in NZ) selling both appliances and flatware, utensils. Thus, IMO, cross selling opportunities do exist... it just makes sense doesn't it - if someone is coming into to buy kitchen appliances - e.g. a stove top, why not sell them the best pots and pans to go with that stovetop, etc.

Anyway will respectfully agree to disagree with you Ocker.

Cheers
John