Ann: Quarterly Activities Report - June Quarterly 2018, page-9

I agree that accumulation is damn hard, but it is possible. I have been able to build up a nice position by being patient.

The debt situation is a little more complex as the debt is in US$, but the cash is in A$. I am not overly worried about the debt, but I do think it will be a drag until it is paid off. The market looks differently at companies that are debt free to those that aren't.

All of this is kind of meaningless in the short to medium term as AIS is about to become a Torrens play. The SP over the next 3 to 12 months is going to be driven by what happens in SA, not NSW.