Ann: Appendix 4C - quarterly, page-14

M20

I largely concur with your summary, but I think it needs to be supplemented with the rest of the WMC story.

WMC are making good profits from the get-go, but as the recent unexpected-but-welcome Beijing announcement positioned they on the verge of quickly making super profits. Compare this position with the lot of most new Tech listings, who are hoping to make a dollar somewhere in the indefinite future.

My assessment (fwiw) of WMC is that they have found themselves a true sweetspot (or maybe 2) and they are doing everything to make the most of the opportunity. Including meet guidelines that establish AND MAINTAIN their corporate credibility in China. No they haven't given away the farm to a small bunch of unconnected Aussie investors, but they have been willing to put up one of the farm's best paddocks for us to graze in, as it were.

Until that Beijing announcement I was sitting on the fence, but contact with a few colleagues in China has subsequently given me confidence to take a position. There is a FAIR share of a likely big winner available here, imo.

DYOR