Yes they have a finance facility with their syndicate, but this is common and they’re always revolving if the business keeps within their agreed covenant ratio’s.
Yes, I agree Simon is keen on growing the business larger and is in no way done with acquisitions, but in many interviews, he is adamant that he wouldn’t dilute his shareholdings at these price levels. Which I believe would be foolish.
What concerns you about the cash flows? I thought they looked very good.
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