whats going on, page-2

This one is hard to figure, the company appears to hold little or no debt other than creditors in the balance sheet. The cashflow is prodominately generated by fee income on funds under management including fees from euro property fund AEZ. It appears to have the best performing property fund in the market place (Property for Income Fund) outperforming UBS, Macquarie etc, and it operates in an environment of stable growth courtesy of the mandated superannuation marketplace.

Yes, funds under management are down and yes there are overhang shareholders in the form of the Grollo family interests, Chris Ayling (Chair) and Howard Brenchly (CIO) but these guys appear to be long termers and the company moved quickly to put out a statement that they dont have margin loans over their holdings.

The negative sentiment appears to be driven by the FUM issue and general negativity of financial stocks viz HFA, Macarthur Cook, Perpetual and Platinum. Liquidity is another issue and once a few buyers disappear the price falls easily (and visa versa).