Ann: Chairman's Address to Shareholders, page-3

Very impressed at the AGM. Andrew Hansen lives and breathes the industry and has skin in the game. Growth methodology for revenue and margin looks less risky and more plausible than most companies in the ASX. The ASA had a representative at the meeting and they will add HSN to the list of companies they monitor for next year. Talking afterwards to long term holders they have done very well out of HSN since the float and have no intention of selling. The rest of the story is pretty well as in the chairman's address above.