Ann: Trading Update, page-10

Exactly If you look forward 6 months - $55m cash + $50m rent roll = you are getting the franchise + agency businesses for free

Im fairly certain management are looking at buying another business so that when the heat does come out of the property market - earnings dont suffer as much.

Also worth noting that post IPO - a lot of key agents were poached by the agency (AU1)

So you had the property market slow + their best agents jumped ship..

Much less likely for the same thing to happen again..

Also they are expanding the franchise business in QLD + VIC - so dont be surprised to see 5-10 new franchises opened every year going forward.