It's a surprise to be having a CR when revenue is so strong and...

It's a surprise to be having a CR when revenue is so strong and we don't really need the money unless it's a huge purchase, which means it's probably a huge purchase - anything smaller and this wouldn't be necessary.

It's obviously going to be a very good acquisition because if it wasn't, they wouldn't be doing it.

Obviously it'll be EPS positive, because that has always been management's stated strategy and it's what they've always done.

It is rather surprising that they are having a CR at this time, usually companies ramp themselves up with hot air announcements to boost the share price first, causing a crash later. In this case they're confident that the actual news will speak for itself. It's the minority of CRs, but sometimes companies do them for a purpose which is good enough that the CR is done at a price above the previous market price, and this may be one of those cases. They've saved up company guidance news for after letting us know about the CR, so all eyes will be on it, rather than putting it out first then having the CR afterwards. We'll get our annual report and presumably forward financial guidance with it within 4 more trading days, probably on Tuesday all things considered.

They've also timed this to coincide with their launch of the company rebranding.

Long term I'm very confident this will be in the best interests of shareholders and I'm happy they're taking bold moves rather than smaller, conservative ones. If you're a T+2 pip trader who bought a trading parcel yesterday it might be unfortunate, but otherwise this actually looks really good. This is a discretionary acquisition, not just one of those desperate CRs companies do to cover cash burn where they put out lipstick on a pig news to try to convince shareholders it's worth bailing the company out. In our case this was not necessary, it was 100% done by choice rather than necessity, so it's going to be good.