Ann: Business Update 2022 AGM, page-25

I must say I am getting slowly less happy with this management style. It seems totally confused. My reading of the Australian market is that you choose two measures - growth or dividends and moistly that is your valuation. A few years back this was a growth story and dividends were virtually nil. The growth slowed and there were better growth stories than this one, plus I suspect that as management hold significant shareholdings they wanted dividends as well - so they started this slow creep and as it wasn't a growth story the price has in fact dropped. Also helped by the reduction in holdings of a strategic investor who has disposed of around 6% of the company's shares in each of the past 2 years and is probably doing so right now.

So I suspect that they developed this progressively increasing the payout ratio. I think its a waste of time. Then they arrange an acquisition facility.

This business is confused - It is either going to be taken over by one of the players that will be part of the new financial services and advice sector or they need to start doing it themselves. They seem to want to say their share price is too cheap to make acquisitions well its too cheap because of something.

My route would be to create a plan we all understand and start executing on it.

Morrison's is a nice story. However it isn't really a part that is needed. However it must generate good returns so keep it. This professional services area is good but I think it lacks size. The advisor business probably carries the most legacy risk but must also present opportunities. Its in a very grubby state after the royal commission but SEQ has just said they have had to settle $2.5 million. They may even recover some or all of that but these guys first shoor themselves and love mea cupla and then just think that after its been admitted to that the issues go away. They don't what they never said is how many more of these are to come out..

This business needs to make 2 or 3 acquisitions and needs to create the critical mass needed. To say we will just sit where we are because our share price is too low is just plain stupid in my opinion. .

Libertas seems to have been a great acquisition but I cannot say for certain as I don't know where this claim arose. However since then we have really not added anything of real value to this story.