When you're a employing a roll-up strategy as AFJ is and you raise capital at a price only 5% higher than the capital raising price 11 months earlier (in the middle of a bull market), it tells me you are not getting enough EPS accretion out of your acquisitions. ie you are paying too much. Very pleased I dumped these last year when they started to stray from the 4x EBIT policy
Ann: Successful completion of institutional entitlement offer, page-3
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