Ann: Half Yearly Report and Accounts, page-29

there are diverse numerical ways to look at the two Large n meaningful CR for growth acceleration.

to compare apple with apple one can compare the EPS to SPP at the time of CR.

Following this formula: 2015 EPS 3.2C . SPP at 53c PE multiple at time of CR = 16.5 (53 : 3.2 )
this time around . 2018 EPS 6.2 SPP at 72.5c . PE multiple at time of CR = 11.7 . ( 72.5 : 6.2)

In this calculation, the first large CR at 2015 PGC got a ( 30%) better deal by comparing the PE of the SP at the time of Capital raising.

in 2015 the deal was done at the height of SP excitement, ( hence the large discount)
in 2018 the SP has already drifted down by 30% from the summit of 94c.

Many ways to view it as long as the SP goes up a notch between each CR from 53c to 72.5c in a matter of
two and half years ( more than 30% increment) we are doing well.

most important is integration, synergies n growth.

nowadays they are many small-cap funds ( boutique) that will get onboard with a successful result and positive outlook. when they depart like PIE we can all accumulate more. golden oranges falling off the tree.