Your comments prompted me to return and read the Chairman's...

Your comments prompted me to return and read the Chairman's address at the last AGM which included the following with respect to Strategy:

"The acquisition appetite hasn't changed and remains strong as has the funding availability and consolidation opportunities. We remain committed to attractive automotive acquisitions: however, we will choose to secure new businesses with a clear integration and margin uplift pathway."

I take that to mean that your Point 1 is in play, however, I suspect so too is your Point 2. The rest of the AGM presentation suggests, as have you, that business growth will be slow in the absence of such acquisitions. But I think that, in this world of low interest rates and disruption, this business has and will continue to perform well enough to provide a level of comfort for its holders.