I agree that the "get it done quick" mentality can lead to more...

I agree that the "get it done quick" mentality can lead to more issues than value accretion. However, with ambitious growth targets in mind ($250m revenue), a recent CR with clear objectives stated, and the roll-up strategy of the company in mind, shareholders should have a reasonable idea of what to expect next - that is, more acquisitions, and quickly.

Now, if PGC were to swallow a big fish then you would certainly want the dust to settle before going off and having another bite elsewhere...but in response to previous comments, it does not look like they are chasing acquisitions purely because they are expecting to have cash to play with, given how long it typically takes to progress a proposed acquisition from an idea to signed agreement.

Remember also that at current prices, new entrants are paying an EV/EBITDA multiple of around 9 for PGC, which is historically and relatively (in terms of industry standards) a fair price. So if the company is closing deals at an EV/EBITDA multiple of 5-6 based on current EBITDA (with forward growth expected in said companies), and with a proven track record of integrating these companies, then that is certainly OK with me.

However, at the end of the day, the market talks, and Mr Market hasn't respond overwhelmingly well to the announcement. My feeling is that there is still some anxiety following the HY result alongside the uncertainty surrounding the current CR, even in light of projected growth in revenue/EBITDA for the current FY.