The Financial Post reports in its Wednesday, April 1, edition that for the second time in two years DH has announced a major United States acquisition and financed it in a similar manner. The Post's Barry Critchley writes that DH also used the same trio of bookrunners who collected the same 4 per cent in agents fees. In July, 2013, when DH bought Harland Financial, it financed the $1.2-billion acquisition with a combination of subscription receipts and convertible debentures (all figures U.S.). When it announced on Monday the $1.25-billion acquisition of Fundtech, it also used the same package of subscription receipts and converts. Because its share price had risen substantially in the intervening period, DH was able to offer a smaller number of receipts at $37.95 each to generate a larger amount of equity: $626.18 million. Over all, the split between equity and debt changed to 75.8 per cent and 24.2 per cent. The combination of securities allow DH to sell common equity at a higher price than otherwise. It is also flexible as, to the extent the debentures are converted, it allows DH to sell equity at higher prices in the future. Over the past five years DH has generated a return of 203 per cent.