Watched the interview with Alan Kohler the other day.
Can understand their aversion to debt given their near death experience. Hopefully any acquisitions are as compelling as he suggests they would need to be in order to dilute his own and our stakes through the capital raising...
Either way they are well placed to capitalise on the market consolidation and I think they have been going about it the right way acquiring solid and well managed businesses.
45m War Chest, page-8
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