strategic viewpoint on IVC, page-42

Interdasting !

see REH (which at least brought growth with its cap raise) for example.....

the data to date (Singapore) suggests that protect&grow can work ........bit more difficult to back out any increases in the Aust operations .......

perhaps an example of patch up bal sheet (due to inc in liabilities from future funerals yet to deliver), and fund the large capex program.......

implies roe has to fall (before any inc from success of P&G).....

and the "little upstart" in Propel has been cutting their lunch in acquisitions....

interesting times (imho).....
rgds
V_H