Ann: Presentation re Acqusition of KFC Restaurants in Netherlands, page-51

Im not to phased about the share price reaction, even if no-one takes up their right to new shares means less dilution in the longer run. Management have the required funds through the institutional placement and retail share holders can get their shares on market now, the only sour point is retail share holders don’t get the 10 percent that the institutional guys get from buying then selling now.

Management can’t please everyone, so the only way i can be positive about it is through less dilution. Considering this, at $5.25 the shares are trading at a P/E of 14 and a ROE of 17% and growing earnings per share at 10-15%.