Hmmm, interesting to note 3rd party delivery market is softening...

Hmmm, interesting to note 3rd party delivery market is softening with lower margins and (reading between the lines) identified customer-service problems with outsourcing delviery which motivates suppliers to reconsider bringing delivery in-house (and use GSW products).

AGM powerpoint lacked detail but did give an overview of strategic focus on North American market. The notes from Stanley and B Hunter indicate cheap acquisition-of-competitor opportunities down the road and focus on R&D investment. That second point is good, as one concern a while back was that GSW had competitors who had technical product/service competitive advantages over GSW. To become best-of-class, investment in R&D is typically essential and it's good GSW management realise this.

Its also good to note that GSW insto composition of total investors is shifting out of OZ into North America (NA). This means, in my view, that the legal issues are not going shake GSW as much as otherwise. Reasons: i) NA is very litigious and so legal issues are not as scary as they are for us in Down Under and ii) less proximity of NA investors to the OZ based legal issues mean they are at arms-length and less emotional about it all.