Ann: Australian Funds Management Update , page-5

PP - I agree with your comments. Although guarded due to years of mistrust forged by the hopefully soon to be 'late' managing director and co., I'm hoping increased transparency and honesty couple with strategic commentary from the board and Clem Salwin will restore much of the lost faith and ultimately a return to value. Obviously the return to a strong functional board with clear directions that holders are aware of is paramount, and at first glances appears we may be getting some of this. As for stock value returning some of the 97.5% lost since the peak a few years ago, that would come second - I can afford to wait since as with any building, the foundation is where the strength lays. An email to the effect offering early support for what appears to be an effort to restore investor confidence and faith has been sent to the board, and am hopeful that the upcoming half AGM will provide more information and consolidation.

With all the track history, obviously I'm cautious in restoring trust to the board, but these early days are certainly smoothing the way.

As previously commented, I would urge any holder to contact Valad through email either to ask questions, provide their point of view, or offer congratulations where deserved. This way the message gets to those making decisions, and then we can all share responses through the forum making us all just a little more informed and hopefully wiser in the process.