Ann: Ceasing to be a substantial holder, page-5

Around 40% of Capral's business is exposed to residential construction. Australia certainly needs more houses but I agree its doubtful how quickly they can be built. They have guided for NPAT of 23-27m this full year which allows for softness in residential.

Interesting they have purchased another small distributor as they move ahead with building a network.

I have been buying more shares on the recent drop. This is largely a commoditised type business but it appears to me to now be well managed and durable through the cycles.