Poor old FSA really had a tough FY2019 with the Royal Commission...

Poor old FSA really had a tough FY2019 with the Royal Commission and new regulations kicking in late June 2019. The good news is that they have got through it with a record profit and are extremely positive about the future. Great progress has been made to ensure the services part of the business will remain profitable going forward. The new challenges have created opportunities that will give them a competitive advantage with their informal arrangements.

I always admire anybody that can create money using other peoples money. That seems to be in FSA's DNA. There is no doubt that Tim and Deborah are polished performers. They have plans for every element of the business.

The board, with over 45% ownership, is very focused on shareholders and giving them a great return on their investment.

I certainly will not be participating in the buyback at the closing price of $1.16. I fully agree with Tim that there is a material discount on the market at the moment with this company.

In summary, the vibe at the meeting was positive. It evened rained after the meeting. Gotta be happy about that!