Ann: Update to Watts McCray Acquisition, page-4

BSP,

I think we have to give management the benefit of the doubt at this stage. The MD's prior experience at Shine means that he isn't a novice at this.

I do like the national structure that has been created. They seem to have appointed well credentialled and well respected lawyers to head each state which hopefully provides strong leadership as they fold in acquired practices.

I agree that acquisitions are not without risk. However, the combination of experience and the structure that has been created feels like a really good way to mitigate some of those risks.

Beyond that, hopefully the Q3 update contains a good revenue number that reflects organic growth as well.

L2