With no particular smarts, l was able to sell a quite...

With no particular smarts, l was able to sell a quite substantial number of shares near the open at a very good price to fully fund the take up of a substantial rights entitlement as well as release a very handy amount of cash.

l have held this stock for over 20 years, mostly trading the huge ups and downs of the business cycle, PBS agenda change, mass generic drug distribution, the journey of many CEOs, distrubution centres, stock system stuff ups,and everything in between. SIG has delivered a little of everything.

l remain ambivalent as to whether the consumation of this deal with CWA is in the interests of the industry at large or any consumers in particular. I understand this is capitalism but before today, Sigma was primarily a wholesaler and CWA a retailer each with their own duties and objectives. Vertical integration compromises both.

l am no saint and will concede all us shareholders have already done very well indeed today.

Having also held PHC, Symbion and API, l did not favour heavyweight players taking us out, and l sense a similar distaste that the final remnants of the Community Pharmacy model has been hijacked by CWA. From this consolidation, l cannot help thinking we will all lose, just as we did selling swathes of our resource producers to Chinese interests, for a few pieces of gold.

My mind is currently at ease that l am not putting more money into this investment than l already held before the open, even raking up the rights. Though I am not sure if l will be along term holder. There are plenty of other opportunities in the broader market to invest in and l will consider them over Christmas.

l expect the independent pharmacists who still hold their long issued stock will have similar feelings but no matter which wholesaler they choose they are now the puppets of an oligopoly.

l don't quite understand why l am not excited by making a lot of dough today, and banking much of it. I guess there is an intangible price we all pay, selling our souls.

Naturally, many holders will see this development differently, as they are perfectly entitled to.

GLTASH