Ann: Appendix 4C - quarterly, page-18

Served a good chunk of time within the business/associated businesses high enough up to see what went on, am still very close with a large number of staff. Am only new to HC so am sharing what I can where I can. Saw the 4C update, came to share what I could.

You'll see I've been most active in the QFE thread, up until that point I was sticking with blue chips but now I'd like to learn a bit more and dabble. This is one stock I can actually give some insight into.

Buyer be very aware. They will continue to acquire, fail to integrate (as they have with every acquisition so far) and ultimately it will follow the same cycle as IAB did. Don't be surprised to see the share price keep dropping until it's acquired in a such a manner that the senior management team land nicely on their feet, .they're all long standing mates and continue to hire their own ilk.

Staff turnover will undoubtedly continue unless there's a miraculous change in culture and management approach - So, it will likely continue. This will go on for a while yet, 2-4yrs, at most, before we see this entire group acquired or sold off in chunks.

Take all of this with a grain of salt - DYOR, watch the results closely and pay close attention to how they justify the financial position, It's almost identical to how IAB operated. The CEO's are very similar.

See below, not held, so I've got no skin in the game, nor would I ever invest in it.

Now I'm off to go watch the QFE chart some more