Ann: Appendix 4C - quarterly, page-4

Agree. it's as expected. Peers and competitors have reported good quarters with the mortgage market improving across the board so reflective of market rather than specific to anything that YBR has done. Compared to last years report gross receipts up by 1.8m but net receipts down showing pay away costs are up. Would prefer if the Bouris brothers rem was tied more to their share holding and less on quarterly payments so that focus is on trying to lift SP. I still believe that providing a special div to shareholders for the sale of old businesses is a good thing but will wait to see what assets/mortgage books get bought from surplus cash. IMO