mess of acquisition, page-18

It appears very untidy to me. All the things you say are great, and so they are, but this is RFG's first foray into QSR, and you can acquire as many businesses as you like, but eventually you have to run them!

When an initial deal is done, then behind closed doors it is renegotiated to a significantly higher amount (we aren't talking a few hundred grand, $15m more is a lot), and then the person who was selling is now running the show (QSR) tells me the strategic planning isn't good!

RFG didnt want to lose the acquisition, they cant afford to, so they rolled over, paid more, said they (Crust) can run it, so they could keep the "continued growth" appearance.

Tell me why is it when Capers was run by Capers (not RFG), they opened 20 sites a year, yet in the last year they have opened a few lemons in Sydney (which now they do what with? Keep and comepte against crust? close them? relocate? the franchisees dont know, nor does RFG), and a couple country stores (both good performers)? RFG may only have been on board a few months, I just not hearing confidence anywhere!

I would of expected the RFG acquisition to boost confidence and accelerated growth, instead it has declined. So you can dress it up however you want, organic growth has stalled, and that is their core business!