Ann: Board Changes, page-7

I think its done right 203 and then 249. But I don't think it really matters the order anyway, they deal with different parts of the corps act.

But it is a worry with an MD who appears to have a pretty fictional CV with claims to a lot of things that just were not true and a track record that just isn't there.

I wonder if there is some issue in the accounts and Larson wasn't prepared to sign off. Thats an issue for Sweeney now, maybe he is being setup to fail.

The other big issue is the forecasts Crole has been putting out for years. They just keep getting pushed out.

There isn't 100% retention when you are buying a retiring adviser's book, so paying 4-5x isn't really the multiple. If you don't like your new adviser you find another one, so there is slippage. So after the first year the revenue can decline so you end up on this cycle of having to keep the acquisitions going.

Its too competitive to increase license fee's as a lot of advisers are agnostic about the license and are very cost-focused, so they switch licences, which is a major effort and SEQ is lucky to have the NTAA association, but that has a lot of links to Jones, so maybe he has feedback from some of those advisers also.

And I would pretty sure Crole has a lot of HC accounts and posts a lot here from what people have told me. Just a sign of a pretty insecure MD.

In saying all of that there is significant opportunity in the planning market if the company doesn't blow all the cash and is strategic.