Ann: Quarterly Activities Report & Appendix 4C - 31 December 2020, page-50

Its not about being negative, its about accepting that instos are unlikely to touch this given the history and who is running it now. They value governance etc because they are accountable to clients. Almost all instos put focus on track record of management. You can sit there and punt that the vendor will run this for the benefit of all shareholders, but the jury is still out. With no debt, evidence of shareholder returns like divs and buy backs, plus several periods some instos may invest. But honestly, this will always be high risk given the geography. The days of Bell Potter comparing Aristo table yields to Macau are over.