I wouldn't overweight the Enlog P acquisition in my thought...

I wouldn't overweight the Enlog P acquisition in my thought process. The way I weighed the information is really:

a) It's a signal that their cash flow generation in FY24 is on track thereby enabling DGL to seek/make an acquisition
b) It's tiny in the bigger picture (no offence to Enlog)
c) The majority of the consideration was paid in cash. $2m cash vs $0.35m scrip.
d) I can see that issuing any amount of shares when P/NTA is <1 would be dilutive, but again, most of the consideration was paid in cash, plus the valuation of DGL and Enlog are similar...so whatever we gave up in scrip, we gain as well.
e) I have wondered whether Simon could have 'stolen' or 'won' business by simply hiring an outperforming salesperson. Why not just poach? Presently, it doesn't appear that DGL lacks property assets, or license, or some other competitive advantage. But I have concluded that the stakeholders in this industry are not like me (perhaps more backward-looking) and incumbents have a place in the market. Hence, just use NPAT to acquire.
f) There could be a small international angle to this acquisition but TBC

g) I completely disagree with short sellers that roll ups with a high share price is a virtuous cycle upwards, while roll ups with a low share price is a virtuous cycle downwards. This is a GENERALISATION and there better operators know that you cannot blanket apply rule of thumbs in investing.
Simply put, if you give up scrip, you have to ask what are you getting. Who can say with certainty that the scrip gained is poor?
Secondly, they paid mostly in cash. It is sort of like stock picking if you use plain old cash. Who the f** has a 100% success rate in stock picking? In investing, if you have a 60% success rate, you are perceived as a casino that will hoover up money from others over time.

I think a lot of people judging DGL have never actually been in business. They have never started a company, never sought customers etc. I have, and so I think differently from the market and appreciate his strategy more than a plain vanilla financial analyst.

Finally, you know what? And this is the most important part.

Go look at all of your other potential investment ideas. Run through 30 or 50 of them. Now, look at executive compensation.
Simon does not pay himself much money.

THIS IS ABOUT AS F****G SHAREHOLDER FRIENDLY AS IT GETS. IT SPEAKS VOLUME ABOUT HIS INTEGRITY, HIS MORALS, HIS SHAREHOLDER VIEWS.

All of my other potential investment ideas have executive compensation plans that DO NOT LOOK GOOD against DGLs.

People need some perspective sometimes.