To be honest, I didn't focus a lot of my time here. At the time,...

To be honest, I didn't focus a lot of my time here. At the time, the market price was very attractive, so any improvements in margins meant a favourable outcome for me. From memory, it was at <9times earnings, with net cash (debt might have been a little larger than I remember, I can check my notes)

I need to do some work here, as the market price now demands some form of competitive advantage (not a huge amount) to protect increasing margins - but I would defer to other more knowledgeable holders/HC members on this one.