I was there Joe. I think there were only 2 other shareholder by...

I was there Joe. I think there were only 2 other shareholder by looking for the red pieces of paper given to shareholders and perhaps 8-10 other watchers(maybe analysis or potential shareholders).

I don’t think there is anything major to mention that’s not in the presentation, it was very brief and less than 30 minutes including the formalities of voting. The overall mood was bullish, Shane made a comment that the company is now hitting it’s stride and I think that is true. It’s of the size now that revenue should be less lumpy and acquisitions larger so I feel the future looks rosey. He talked of targeting 10% organic growth and 1-2 acquisitions a year. They do seem to be selective with their acquisitions and manage to keep previous owners involved through script which I think is a good idea. Shane said their preferred model for acquisitions is part cash, part deferred cash(based on hurdles) and part script. This is how the previous acquisitions were structured and I think a good idea also.

I asked the only question of the AGM which was if they could give some flavour on the potential acquisitions and what they were looking for, whether geographic reach or increased product range. The answer was a bit fluffy but I expected he wouldn’t be able to give much detail due to confidentiality/inside information etc.