Hi jg,Thanks for checking those accounts, let us know the...

Hi jg,

Thanks for checking those accounts, let us know the outcomes of your ongoing research.

On the face of it it looks like a logical acquisition, gaining a foothold in the UK market and getting access to Truckman's products and distribution network, the terms look good also with £10m upfront, £4.0m deferred and £7.9m subject to 3 yr performance hurdles derisking it somewhat. With the A$ - GBP£ trading at a relativily high 55.7c the total price is ~ A$39.3m. That can be funded from ARB's bulging bank accounts. Too bad the UK has divorced the EU...

The issue for me is that £1.6m NPAT is not going to really move the dial on ARB's fundamentals. I was hoping the ARB was squirreling away all that cash and building up it's balance sheet for a serious tilt at the US market. Just imagine wacking an ARB bullbar on every F100 and Chevy pickup in the US of A... now that would move the dial!