I’d say that PGC stand-alone has a bigger opportunity from a...

I’d say that PGC stand-alone has a bigger opportunity from a larger revenue base. That is, they have been mismanaged previously and I think current management has and can further increase profit margins from that lower base. This upside will be shared with QTM. Whereas QTM already looks well run when you compare PBT to rev. So it isn’t as good a deal for PGC as it first appears, when only looking at debt and recent earnings. To put this another way, if they merged one year later, PGC shareholders would’ve probably received more of the group, as debt would’ve reduced and margins improve (by more than QTM).