Ann: Half Yearly Report and Accounts, page-9

ONT's share of DMA was bought for $330k in FY13, they pulled out a $90k dividend this half, then sold it for $400k, so it wasn't exactly an unmitigated disaster (albeit the ~8% return earned on the DMA investment is slightly below ONT's cost of capital). Do you honestly consider it "unexpected" that a company confines to the footnotes only a transaction concerning an asset that's generating <1% of that company's profit? I would've thought that'd be the norm and not the exception.

At a bit more than 11x(f) EBITDA i don't think ONT is quite in my 'buy' zone yet, but it's closer than it has been for a long time. When an owner/operator with a 13 year audited track record of deploying capital at >20% ROICs starts opening the corporate cheque book, i tend to pay attention.