Ann: Appointment of Independent Non-Executive Director, page-26

The way I understand it,

The company is not an investment company and is merely a normal company that manages long service leave (not funds that can be used to invest) and obviously in return for fees. The same fees that become a profit that constitute a company asset that is then invested in a totally separate management company. Imagine you own an electrical engineering consultancy firm, for example, and you receive a profit for the work your company does and then instead of having that profit sitting in a bank as cash you invest it in a management firm, whether its BT, perpetual, wilson, etc to get extra income.

I think it is basic common sense...the announcement, to me, is misleading because it is written as if it is an investment firm when it is not. It is obvious that people looked at the figure $1.2 billion and become euphoric especially when associated with the name coinvest despite, from my understanding, it being not an investment firm at all, in fact it is far from it. The only thing investmeny about the company is the "...invest" in the name and that is it.

As far as I am concern, SAS can assign anyone they want but why is the announcement is written like that?

Dodgy as heck

IMO DYOR