Ann: Change in substantial holding, page-2

I've also cut Smartpay but completely (I should have held some given I still think it is a great company but my all or nothing complex kicked in). Sold a block piggy backing on the Micro Equities sale at AUD1.5. There seems to be plenty of institutional demand.

I had a few reasons, the main one was needed some cash to bridge a property transaction. Also felt some pressure to lock in profit, try and resist that but not easy as I'm sure everyone knows.

I did have choices of what to sell though and I wondered if SPY had plateaued a bit. I have been a bit disappointed with management - just a little. They kept talking about growth continuing to accelerate but that wasn't true. Growth is good compared to most companies but its definitely not accelerating. (eg June 23 quarter terminal adds 1,000 vs 1200 June 22 quarter). Now they talk about finding new ways to accelerate growth without really explaining what's happened to the olds ways given market penetration is still low.

Anyway, I think it's positive that the stock has held up so well in low liquidity. I'm probably underestimating the potential of the NZ story. I'm not the best at putting that sort of thing in context before the numbers start rolling in.