You need to look from the perspective of the time when they did it. SGH and SHJ were both treated as growth companies by the market with fairly high multiples - capital provided by the ASX was much cheaper than private which is necessary for growth roll-ups to work. I doubt they would make the same decision today if they were told the market would price them on a p/e of 6
Ann: AGM Chairman's Address and MD & CEO's Presentation, page-8
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