Ann: Announcement of buy-back - Appendix 3C, page-25

Well we have the Term of Reference for the Royal Commission. https://www.ag.gov.au/About/RoyalCo...mmission-Signed-Letters-Patent-8-Oct-2018.pdf

There is no mention of retirement villages. There is also no mention of investigating funding arrangements a la RADs. It really is all about respect and dignity - best way of putting it. I think this is less bad news for the sector, than it could have been.

Very good value here, yet again.

I'd rather not hear about them worrying about the SP - lots of BS and stuffing around IMO. Just keep improving the business, and keep the residents happy. The discount to NTA will take care of itself over time. Wasn't long ago that AOG was trading well over NTA. It will happen again eventually, and I will sell again, and wait for the next scandal or media beat-up - statistically it has to happen every now and then in this sector sadly, sometimes when it is so convenient for some residents to not understand the deal, other times for very good reasons.