Hi Nani, the $20m allocation to retail info was given to me by my guy at Crestone. I too believe this business is worth at least $2.50 upwards as we need to include growth rates as well as just a snap shot of the numbers. In short AP Eagers running at about an average of 16% NPAT growth over the past 3 years. Autosports running above 30%. I understand this is hard to continue to long term but I think these guys are not a mature business yet. 25 Dealerships and growing and no WA dealerships which I think is the main problem for AHG at the moment. I also think that with the insto's in control they will price this correctly so some value is left on the table. If you gave retail bidders control of such a small float they could potentially bid it up to overs. Just my thoughts and I hope this helps. Cheers
