Ann: Appendix 4C - quarterly, page-11

Thanks always good to share views.

On a purely subjective view - I think OVH seduced the market early on and a couple of larger brokers have remained faithfully punting it. On December 7 2015 it closed at 89c. That meant it had a market cap around $160 million for something still to make money ... I think CBA has always been bullish on this stock and I would have thought it was far too small for it to review. Personally wasn't invested in it at that time was invested in DVA.

I think the real problem is that you need an audience and one that was great for DVA and held OVH as well was TOP - they steadily increased their shares in DVA which was small enough to keep some positive momentum. CBA has steadily increased the number of shares held until 24 January 2017 in which it disclosed they had sold around 2.6 million shares. I dont think the TOP purchases will counterbalance any sell-off by CBA and that coupled with the potential 50 million DVA shares ( net of TOP) that has created a steady overhang that wont go away until you can see actual profit and reward. A lot of shareholders in DVA - myself included - were looking to 2017 to be in profit and even maybe a 1c dividend the takeover by OVH scuttled that - in fact Peter Doobes still points out that he was opposed to it - refer to DVA forum even last week pointed it out again. We got too complacent in DVA, the pathway was clear and it was just getting to be profitable and I love annuity style businesses... The DVA shareholder experience in OVH has been nothing short of shocking - the business is still making progress but the share price is appalling. We were higher than 64c at the time of the deal and on a steady upward path. The deal which should have increased our value has seen us decline. That will - my opinion - continue a steady bleed of shares into the market.

Once the company OVH is profitable they will be well advised to put in place a share buyback - there may even be a case for doing it now as they seem to be cash flow positive. Probably the easiest way to make money right now - reduce the number of shares. I wont buy any more shares - why its still going down and I have a few already not overweight just full-up.

The fintech label - I think they have looked at HUB and PPS and think it may help valuations - personally profits change valuations far more than labels...