Ann: Full Year Statutory Accounts, page-8

Also remember the capital raising last year to finance the acquisitions was done at $10.40. So cash capital has effectively 'come' into the company at $10.40

I get to buy in at a reasonable discount to that.

Whilst there are more shares on issue, that 'cash capital' is at a value of $10.40, and that 'cash capital' has been used for acquisitions, which should add some level of future earnings.

Hence one has to reflect on the additional shares on issue vs the additional cash capital vs the future earnings of the acquisitions.

I topped up a bit today at $8.68, but there will be a 19c dividend about to go ex in a few days. So my 'effective' buy in is $8.50 odd. Happy. And my analysis has been based on $8.50.

Now I will squat and wait and see how things progress.