Ann: Board Transition, page-2

At first blush, the accounts presented appear in line with the significantly lower earnings expected.

Depressed FUM (and resultant earnings) and marked to market seed investments taken through the P&L were not unexpected as they were evident in the half yearly accounts and markedly lower 1/2 year results YOY.

Dividend of 7c per share is very much in line with forecasts, but will disappoint retail investors used to and expecting double digit dividends every year, under all circumstances. Tough, this is a bad year across all PTM profit centres and the payout rate needs to reflect that.

My base case is ongoing annual dividends will decline to 12 cps until either markets, FUM or investment values recover on a sustainable basis.

I stand ready to pick up more stock in the low $1.60s tomorrow. I believe the SP will get there and possibly breach that level in early trading. Not wanting this outcome but it is what it is. Having been here before with PTM I believe in their active stock picking, value based investment philosophy. Though many posters who may post after me, will vilify it.

There are a few alternative capital management initiatives available to be executed and I am dour enough to wait (some may describe it differently).

I did not spot any mention of implementing the buyback. I expect the boys may only action if the share price really really tanks from here.

Was pleased that multiple reports refer to the imminent release of the new Carbon Fund. It will be a gutsy move to release a new strategy in the middle of a market confidence crisis. As such, I am not holding my breath although the strategy of investing in those businesses that underpin green energy including the not so green mining cohort, appeals to me greatly.

Tomorrow will be an interesting day of trading. Hold on to your hats (and your stomachs) people it may well make some sick. PTM is not a place for investors who think short term or want a dream run. In fact if anyone here has that mindset, they really don't understand market cycles.

GLTASH