Ann: Investor Presentation, page-2

It's prudent that on page 21 of the presentation, JLG has allowed A$8.2 million for post-transaction purchase price adjustments as its assumption has been for an A$/US$ exchange rate of 0.72 but today the midmarket rate is at about A$0.7165.

Great how the target to be acquired, Reconstruction Experts, has authority to operate in Florida and Texas. These are two of the USA's growth states with Texas having a population of around 29 million and Florida about 22m, so these together are double Australia's population.

REH plumbing group's strategy has been very much focused on such USA 'Sun Belt' states. The JLG strategy appears to have a wider geographic coverage but it'll have a major presence in California, Florida and Texas.

There must be bureaucracy involved in why RE hasn't obtained approval to operate in some other states such as Georgia. However, it gives the opportunity for expansion if JLG/RE considers that viable.