Ann: HY23 Results Media Release, page-11

I remember doing the number for the Milton's shareholders last year and at that time to maintain what they got taking the relative values and conversion rate I think they had to pay something like 72c per SOL share.. Remember the SOL share conversion price was pegged at $31 which at the time of the deal was much lower than the actual SOL share price but after it dropped they were no better off as the 10% premium was no longer there. I noted that they paid ordinary dividends of 72c and a 15c special added to that. On that basis I wasn't surprised that they upped the interim to 36 c as twice that is 72c. LIC holders like smoothed income.

NHC has truly been a bolter for them as its made it easier to encourage Milton's holders that this has worked out well. BKW has been on an investment run and has been far more conservative in Dividend growth. TPG doesn't inspire me and thus NHC has fired at exactly the correct time.

I must say I am surprised that the Large Cap portfolio has been transformed as much as it has. yet the presentation indicated far more changed than the gross value actually changed. They have lightened banks but not completely out of line.

I must say I am not sure this is an easy share for a retiree unless you are a wealthy one.

You are exposed to a lot of cyclicals and then add telecom in TPG and now structured debt. plus a large industrial property portfolio.

It is a portfolio in transition. So it looks like they got out of Woodside because of NHC - I don't see that as a straight swap. Energy yes but Coal and a small amount of gas isn't oil and gas..

I have added a new risk factor to my holding here .- that is their rebalancing leaves me with a balance of investments that don't suit me in retirement. The big plus for me in the Milton's deal was increasing the passive portfolio - now they seem to be actively moving away from that.