I’ve literally covered this above? We aren’t buying an upgrade, but what we can do is buy somebody who a) may be an upgrade in the long term and/or b) is likely to be worth more in future than we pay for them.So lets say we get 40mil for pickford. Just a number…Who are we buying that’s an upgrade for less? And secondarily 20mil for a proven entity like Pope leaves another 20 for further investment. Might the sum of the parts be greater than the individual?
If we were just buying a pretty good keeper for the short term I think there are better options than pope in terms of value.