Ann: LatAm Autos Investor Presentation August 2015, page-21

It's an interesting one, Michael. It was great buying back last year in the low 20s but i thought it was possibly a bit expensive in the high 30s+, so sold. Nobody can know if the plan will come together but i like the plan itself, the demographic and the sector. Risks are not executing on the biz plan or it being slower than expected, currency and competition.

All you can really do with these pre-ebit companies is keep watching the qtr reports for progress and cash reserves. If they get anywhere near low cash reserves, the market will price a CR and it will struggle.

The other important factor is how aggressive directors have been to buy on-market and that's after already owning significant stakes in the company. Something I always like to see.