Pushing Higher, page-30

No, you misread my post.

I am not trying to spread rumours. I am merely envisaging a possible strategy if Malone decides to go full tilt at a roll-up of panels. He has already indicated timeframe and strategy to do so in his interviews and presentations.

With the timeframe for consolidation that Malone has referred to, it is not possible to get to his stated objective of being a major player unless he gets external capital, either via debt or equity. There is no way that current operating cashflow will be sufficient within his stated timeframe.

Given his aversion to debt, the logical route must be CR.

Which is fine if he can continue getting businesses at 4x EBITDA.

Like I said, do the maths. It is not that difficult.