Ann: Market Update, page-77

on the the reasons I bought into SGH is due their low gearing 30-40%.. also most of the PSD deal (to the tune of A$890M) was funded by equity. One would have to write down PSD by half to get around the current SP... EY and SGH did 4-5 months due dilligence therefore I find it hard to believe that they would have missed PSD valuation by that much.

More likely is that SGH picked up PSD for a very good price as Quindell was a forced seller due to their internal problems/scandals and were desperate to get some cash in the door.