Value proposition, page-13

Tom has proven to be a good operator when it comes to aquisitions. He's strategy for entering the US and UK were executed superbly imo. I can't see him over paying for a business and ruining what he has built over a long period of time. To often you see a companies value being hurt with bad or rushed aquisitions to try and boost revenue/earnings. BWX comes to mind as one of the latest ones. There is still plenty of organic growth in the current business and with the US betting industry ramping up there will be more to come. If something comes along that aligns with the current business at a good price I'm sure he while buy it, otherwise I'm a happy and patient investor with how its all tracking atm.