I'm not sure how many more options are out there at the very low...

I'm not sure how many more options are out there at the very low prices - I think it may be a few so some further dilution will come irrespective of the acquisitions. This should be a year of high growth as there is a lot of work out there and they have acquired a lot of capacity which I suspect wasn't fully utilised. I can understand delays in integrations with so many acquisitions but if they don't produce top line sales growth we will see a significant pull back at some point. That being said I wouldn't rule out a takeover offer being made to take out the equity and merge the group into a larger group somewhere down the track and this is the time where the valuations can get frothy.