Ann: Media Release- Record Half Year Profits and Interim Dividend, page-11

I'm glad you managed to let go of the past and took the plunge to buy some when it was trading at such a massive discount to NTA. I think I got in when it was around a 30% discount to NTA, so I didn't pick the bottom, but at the same time, I'm glad I avoided the debacle some here got stuck in.

I know what you mean about trust. It takes a long time to build up, and can very quickly get smashed.

While the discount to NTA is still around 20%, it has closed somewhat, and the share price is going in the right direction. Most importantly, I feel comfortable holding this as the NTA closes because I can see that Karl has clearly learnt his lesson. You can see that in the presentations, his emphasis on ensuring there are a more diverse range of less correlated stocks, and more stocks with sufficient liquidity, if they need it. You described it well that there are a core group of quality stocks, domestic and international, with a couple of smaller cap potential rockets as well to add to spice.

I doubt you will see him making the same mistake twice.