Have being doing some more detailed research and Spoke to...

Have being doing some more detailed research and Spoke to company today as well trying to understand both the financials of the company as well as the profit and revenue sensitivities. A few key take outs are that the receivables levels being so much greater than payables provides significant forward cash flow. Also of importance is Novomatic purchase was to access AGIs North American agreement not through a distribution arrangement or JV but through AGI ownership directly . This makes me even more confident that they will mop up the business sooner than later

Lastly the falling AUD makes not only AGI cheaper to an Novomatic but also provides a nice tailwind to revenue and profits both ST and medium term if AGI remains independent