Ann: Becoming a substantial holder, page-11

Not sure about that. It's been all but a shell for the last couple of years.

The REF directors struck a deal with Telstra in 2005 to take on their fixed line reverse charge calling services. Essentially they have spent 15 years sweating the asset that Telstra didn't.

The move to contact lenses had some potential but it is difficult to get scale and they were up against multinational competition.

They did well to off load it to Coastal Contacts which is part of Clearly Canada which in turn is owned by Essilor Luxottica with €16 billion in revenues and €57 billion capitalization.

The REF Directors have returned 9.5c in FF dividends to shareholders in the last 2 years precisely because they couldn't find a scalable business at a reasonable price where they had some expertise. Note the shares themselves haven't traded over 10c since January 2017.

I still think one of the subs will pick it up once suspended but I am mainly here to watch and learn. If I was under water or substantially invested, I'd have run for the hills by now.

Good luck