As a new PRN shareholder as a result of being a DDH shareholder,...

As a new PRN shareholder as a result of being a DDH shareholder, I want all PRN shareholders to know just how good this takeover was for Perenti.

• Perenti had very low profitability of around 6.8% ROIC, whereas DDH had around 14.4%;
• Perenti had high net debt at around 25.9% ND/(ND+Equity), whereas DDH had around 5.7%;
• Perenti was not paying dividends, whereas DDH was paying out only around half of profits as fully franked dividends on a gross yield including franking credits of around 10.5%.

By the time all synergies are captured, the combination of the two will be very, very much better than Perenti was on all of these key metrics. It will also allow Perenti to resume paying dividends. For these reasons I took the "maximum scrip consideration" and look forward to a much stronger share price over the next year or two.