Ann: Half Year Accounts, page-25

I followed RWL Water a little before the merger (granted it was difficult because it was a private company) but in the interviews I saw with Henry, he seemed to reference "20% year on year growth, excluding acquisitions" quite often.

To me, I found this odd as from an accounting perspective, whilst he may have been telling the truth, the devil is in the detail - if the acquisitions aren't paying off, then growth might be relatively meaningless.

Lauder is a smart guy - we never saw the financials of RWL Water, and he knew Emefcy had the tech he needed to have any chance of making his company profitable.

Tend to agree with a few comments here:

(1) buying at the current SP is ok
(2) cap raise is on the table - particularly if guidance is missed

Being totally transparent I shed a significant portion of my 72c average position to crystallise the loss and bought back in late last week, along with buying some other more stable stocks for now.

I just couldn't fathom how Ronen or Eytan could sell to pay tax bills if this thing really is as big as what they've been spruiking, nor why Richard would exercise options so close to the current share price unless a rights issue is on the table.

At least now having on paper bought in at 41.5c, it shows up as green on my account! This time, however, I will build the position much more slowly, chipping away sub 45c.

GLTAH