Ann: Half Year Financial Report 31 December 2017, page-26

I would put knowing local laws, legislation and regulation as a component of the circle of competence argument. In the case of RHC the regulatory environment is very different in Europe and perhaps RHC management didn't understand this environment as well as the sellers of their acquisition.

Absolutely agree on scale advantages and I have been thinking about it more of late. It was a major argument in favour of Amcor vs say a company like Pact Group.