Ann: Appendix 4E - Financial Report-RDG.AX, page-98

Lots of variables, but tax at 30% corporate rate would usually be the big one. Say they buy a business with $10 mil revenue, $3 mil ebitda, $2 mil npat. The whole idea of acqusitions is economies of scale. Say said company could have $1 mil overheads pa that are absorbed into rdg and go to the bottom line. Just playing with random numbers really so don't read too much into it.

Good point re aps accretive. I'm too used to seeing acquisitions using debt and scrip (which would be a reasonable way forward for rdg too).