Ann: Acquisition of Business , page-9

At 3 times earnings this is a good acquisition. They certainly have not overpaid (despite the share price run) but are right not to have paid a higher multiple for what is a contracting business. i.e. this business does not have an asset base (unlike RQL's equipment fleet) and increased earnings are dependent upon an increased number, or higher value, new work orders. Again different from RQL which creates a recurring rental revenue stream and simply needs incremental sales for YOY growth. So in my view an approriate multiple on a strategically good acquisition.

Well done RQL