Codan have been placed in a trading halt pending a 'material announcement regarding a proposed acquisition' which is awaiting regulatory approval in the UK.

I want to back management in here but man oh man am I hesitant about acquisitions, let alone acquisitions in the UK.

Codan had 20m cash in hand in Dec 2022 and more than 100m debt. Unless it is a small acquisition are we looking at a capital raise to fund the acquisition? Not sure how keen I am on seeing what is already significant debt increase further.

In relation to the acquisition itself, could we be seeing further investment in the comms segment?