The issue to be recognised here with DGL is Henry is an...

The issue to be recognised here with DGL is Henry is an arrogant, very driver leader, pursuing a growth strategy squarely focussed on acquiring small bait sized businesses to form a far reaching diverse industrial business.

This is a high risk high reward strategy. Success will depend on his ability to integrate the businesses. Acquisitions aren't easy ... in deed. most destroy capital in the end not reward capital. Successful integration across all of these acquisitions which have occurred in a small space of time will be extremely difficult, and will require the mgt of the acquired companies to adapt to new cultures, and get vested in the new DGL way, and perform and achieve synergies promised.

It appears one of the early acquisitions mgt teams already wants out - take the highly valued DGL shares and run and leave Simon Henry to sort out the integration. I suspect Henry and the mgt team didn't marry as well as they had hoped.

DGL have paid 3-5 times ebitda for these acquisitions partly with cash, and partly with shares, and up to a week or so ago DGL shares were valued at 20 times ebitda ( questionable value imo). No wonder any acquired owner who doesn't like the new culture sells his shares - can't believe his good fortune in share price

It is a surprise to me the escrow period wasn't longer to ensure mgt teams and owners of businesses acquired have to hang around to integrate the business - at least two years.

DGL is an interesting share to watch. Simon Henry certainly doesn't sit on his hands, and is very driven to succeed. He is a serious disruptor of market - will his bull in the China shop style succeed? The current share price even after dropping from over $4 suggests he will.