Ann: 2019 Annual General Meeting Live Webcast, page-3

Hi JAG, SNL is the top player in the truck spares category if I remember correctly. The acquisition seems to me to sit more within the BAP business than GUD. GUD is probably more centred on the manufacture of parts rather than the import and distribution to individual workshops. Since this acquired business is for Japanese imports it does seem a better fit for BAP. Although of course there is some overlap between the manufacture and distribution so perhaps it could have been a target for GUD.

PS Haven't been posting much as my investment strategy is becoming very passive. Though I do hold BAP amongst around 50 other small holdings in companies I think are high quality. Theory being any SPPs that these companies offer will give me the opportunity to buy in at a lower price. Does anyone else use this strategy? It seems this may be one area where retail investors have an edge when capital is raised?