Ann: Response to ASX Query, page-34

Thanks for the response.

I guess my issue is that it doesn't pass my smell test.

HML are saying that none of their acquisitions were from related parties. This is the part I have issue with. Stuart McAuliffe is shareholder, investment manager and CEO of these other companies. From an investor perspective, to me that makes the other companies related parties.

I take your point about shareholders likely would approve the transactions but I will note that in those circumstances an independent expert would have to provide a valuation opinion. This would give me more confidence in the NTA...