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camden55A good mate of mine has just left my place after a few...

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    camden55
    A good mate of mine has just left my place after a few beers. He has been suitably entertained and has been laughing his head off as i showed him the recent posts about ROE etc.
    It just happens that this mate was the finance director at WES for 18 years and in fact Richard Goyder took over from him prior to becoming CEO. I am not sure whether he would agree with you about paying too much for Coles. The facts are that the equity dilution took place well and truly after the Coles deal was finalized and was forced upon them by the banks because of the effects of the GFC. Whilst equity dilution was a bitter pill for some it provided huge and sweet upside to others. I think he was suitably impressed with the level of debate and concern shown in various posts.
 
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