Reece post-Morsco, page-7

Agree this very large expansion, and into an international market increases the risk profile of this business. I note the financials but for mine its about balancing this with the proven ability of the Wilson family and their mgmt team. They made comments I liked - theyve been looking for this type of business for 20 years. It is a core fit with theirs, they dont anticipate 'cost synergies'. Code for we'll try and merge the business to save money to make it work then find out that the 2 cultures dont fit and it all blows up. They are putting skin in the game, its the first time theyve raised money from their shareholders. They also left some thanks money in the offer. Therefore on balance I'll take up my allotment. There may be bumps but I wouldnt bet again these business people in the long run. Wish we had more of these quality businesses.