Thanks for your sharing. Like I said, I am very junior. When you...

Thanks for your sharing. Like I said, I am very junior. When you started your EBO investment in 1991, I hadn't gone to primary school...And I do appreciate your success in holding onto EBO. I just took a look at some of its figures since 2006 as I am unable to find the pre-2006 figures...

	Column 1	Column 2	Column 3	Column 4	Column 5	Column 6	Column 7	Column 8	Column 9	Column 10	Column 11	Column 12	Column 13
0		2006	2007	2008	2009	2010	2011	2012	2013	2014	2015	2016	Total
1	Sales	300.5	307.3	1092.0	1344.9	1317.5	1343.8	1428.7	1823.2	5757.2	6068.1	7101.5
2	NPAT	11.6	10.3	16.7	19.7	19.7	23.4	27.9	28.2	92.1	105.9	127.0
3	OCF	8.4	7.3	28.5	33.3	41.8	21.7	28.1	26.4	114.2	133.8	224.1
4	Capex	-1.3	-0.3	-6.2	0.2	-2.6	-3.9	-3.7	-3.5	-33.9	-15.9	-12.5
5	Free Cash Flow	7.1	6.9	22.3	33.5	39.2	17.8	24.4	22.9	80.3	117.9	211.6	583.9
6	Net Borrows	7.3	-28.8	57.3	-11.6	-13.0	-3.0	53.8	8.5	77.2	8.4	-36.1	120.0
7	Dividends	-6.1	-7.1	-6.6	-2.8	-3.2	-19.5	-16.4	-21.3	-52.3	-63.4	-77.0	-275.7
8	Share raised	0.0	36.3	28.3	0.1	0.1	2.0	0.0	93.3	162.4	19.1	7.9	349.5
9	Acqsn Biz	-7.5	-4.5	-87.0	-1.5	0.0	45.2	-109.1	43.3	-370.4	-64.1	-92.1	-647.7
10	Share number	27.6	32.5	44.3	48.0	49.8	51.6	52.1	53.4	146.7	149.7	150.7

So in the last 11 years, EBO does prove to be successful in generating good return for the shareholders..

Free cash flow $584m, paid dividends $276m, borrowed in $120m, raised $350m and spent $648m in acquisitions. It was like for every $1 EBO raised from shareholders, it created $7.9 free cash flow [584/(350-276)]. I say it is quite handsome. It is obviously a successful deal maker.

Maybe all I see is a mature stage. During pre 2006 period, it could be the same as PGC producing no free cash flow and simply kept acquiring new deals with EPS growth higher than PE. I am very interested in reading its Annual Reports from 1991.

Again, my horizon and experience is limited and my patience is insufficient. Maybe an early stage deal maker type investment is just not my field. But thank you all the same. Holding EBO for 25 years since 1991 just requires such a huge patience and insights.