Ann: Half Yearly Report and Accounts, page-12

I’ve got a small holding in YOW but a much larger one in CLB (Candy Club) and I’d love for CLB to make a play for YOW. The key argument against it as a CLB shareholder IMO is that it would be a distraction/ side show for management, especially given the strong growth exhibited by the company core product suite. I think CLB has enough bench strength though to make it work.

I doubt Bolton wants the YOW operating business. If he can get a few mill for it and the existing cash they are probably happy. For CLB they would get a large tax shield, additional distribution channels for their candy club products and a few new product lines they can probably generate a decent return on YOW without investing heavily in the brand. No doubt there are some cost synergies in it as well.

Just a thought.