Ann: Resignation of Chief Executive Officer (CEO), page-25

Well, you are right - not quite comparable. But both have a mortgage lending book, distribution channels, approval periods, cost structures, interest rate environments.

My point was, if I put money at risk, what is the return and what can I expect in terms of company growth. I guess, you would agree, that growing CBA at a fast rate would be harder than growing RMC's business (as a much smaller player). But RMC did not keep the pace. ROE is now where it was in 2018.

If I invest in a smaller (i.e. riskier) player, I would like to see superior results; Results that a "market disrupter" would get. I would like to be compensated for that in terms of a risk premium. It is not that I am faint-hearted (and sell quickly). I have held this stock for more than 2.5 years, and it has only in general gone one way.

I also still believe that there is a place for a company like this in Australia, but management and board are not the right people to pull it off. Corporate governance in recent weeks and months (departures of key people) confirm that, as does the SP performance over a multi-year period.