Ann: Update on Watermark acquisition-XIP.AX, page-5

I am still here but barely. This has not turned out the way I expected. The price action leading into the discounted cap raise was stinky. This acquisition is feeling a bit off too, I always felt like they paid too much, I would like to see multiples like IPH's latest one of 6.5 EBITDA not 8.5. I sold a few today. An epic fail in the end. May come good down the track, but I think sentiment will be shot for a while. Shame really because it was just starting to turn.

I am over 50% cash now and can't say I am too excited about anything. Bring on trexit I say.