Ann: Half Year Market Update, page-41

Very relevant comments Bustus. Adding to comment number 1. of fast growth from a large number of acquisitions it is especially relevant in a low EBITDA margin business such as Paragon's. You can't afford to be inefficent on a low EBITDA margin business, its all about efficiency.Rolls up such as National Vets have much more chance of success as they were buying one type of business, vet surgery's, and had a military like integration plan from day one and could extract synergies. PGC would present the many and varied aquisitions as synergetic but they in fact were the opposite. Legend Corporation had the same issues. Lesson is if you want to invest in rolls up get in early and invest in company's that they buying the same businesses and intergrating them from day 1. Looks ike corporate action is happening with Device Technologies circling Paragon.