Yes, each acquistion uses less equity until the point when...

Yes, each acquistion uses less equity until the point when acquistions can be funded internally. After that, the market cap increases but the shares on issue dont.....then the share price ramps. Typical M&A play book.

Three points of focus:

1. Make sure we pay less than listed value (take advantage of the private/public arbiotrage).
2. Make sure we enhance what we buy so acquistions grows organically (revenue but in particular, margin).
3. Use debt wisely; fewer shares on issue is great but greed can lead to too much leverage.