I actually think Alf’s done a sterling job for a long time. The...

I actually think Alf’s done a sterling job for a long time. The business has succeeded. It’s not his fault if the market seems to be mispricing the stock somewhat. His job is to generate consistent profits. That’s been achieved. The last thing I want to see is PE take it over now when the share price is low. I want to enjoy the ride back up when the market re-rates the stock.

You make a fair point that Alf is getting on a bit now. I think that’s been acknowledged in various comments from the company. I’m guessing the recent CFO appointment could be an eye to a succession plan. I have confidence in Mark Vaile managing that. We already know that he is fearless in standing up to Alf…he gets very cross whenever Alf swears at the public meetings . As an aside, I think it’s a shame Taine seems to be off the scene…I wouldn’t have minded the management staying in capable family hands.