What you say makes sense. Doing acquisitions caused quite a lot of dilution. If they did further equity funded acquisitions at this reduced SP, the dilution would be significant. So it's good that they've switched their strategy to cash+debt.
Now we'll have time for earnings to catch up with the shares on issue without regular dilution preceeding earnings growth from a full year's business integration.
RXP Price at posting:
53.5¢ Sentiment: Buy Disclosure: Held
