Ann: Half Year Results Investor Presentation, page-2

A clean and conservatively-stated result, which also reflected the inherent robustness of AMC's earnings given the circumstances, which included headwinds from raw material inputs as well as challenging economic conditions in some emerging market countries.

The Bemis acquisition is going to be a big deal for AMC, not just in terms of providing a step-function improvements in scale, financial strength geographical diversity, but it will place the merged entity as the largest player in the world and, therefore, very well placed to gain market share due to the accelerating industry momentum towards recycle-able plastics.

It's a well-managed, globally-scaleable business operating in growing market segments and which is going to be increasing the depth and width of its economic moat in coming years.

Certainly deserves to trade at a premium-to-the-broader-market valuation multiples.

Would that more companies articulate their shareholder value proposition in this sort of simple, transparent and audit-able manner, something that has been the exact same, consistent strategy for about the past decade: