Ann: New Zealand Master Franchise, page-2

Basically a free 5-10% kicker to full year earnings, which will be recurring. As the transaction is only cleared in February (depending on accounting treatment), it could be even more important than this moving forward (ie when annualised provided baseline growth of 5-10% for the next two years), not including everything else that has been said.

I am very bullish on KME as I think it is at an inflection point in its growth and am looking forward to seeing how things play out over the next 5-10 years as all the benefits of operating leverage start to kick in.