As a shareholder, I want to see margins improving across the existing overseas acquisitions before earnings are diluted further with another major Buy, particularly if it was to be another purely on-line business. As well, any capital raise to pay for it might not be too well received, requiring a discount to even the current share price.
If the perceived revival of store fronts and shopping centres is real and continuing, as seems probable, particularly for categories such as garment sales, then management may have to reconsider the exclusively on-line model for the European, British and American divisions. That would be expensive, however it was resolved.
The chances of anything other than a token dividend anytime soon seems remote.
As a shareholder, I want to see margins improving across the...
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