Ann: Change in substantial holding, page-3

Tend to agree. I get the sense the GCS execs are good at the day to day running of their business, but their capital allocation is highly questionable and the SRG transaction was poorly structured - a decent chunk of GCS' value which I don't think the market was valuing fairly was on its balance sheet (excess cash, franking credits and tax loss carry forwards) and by opting for an all scrip deal, they simply gave half of that away to SRG holders. At a minimum they could have used the excess cash on balance sheet plus perhaps a modest amount of undrawn debt to part settle the acquisition in cash, which would have substantially reduced dilution.