Ann: Change of Chairman, page-6

hi Joe, have come across you before on other stocks. I'm a stale bull, attracted by its low mkt cap compared to its peers. As its now even cheaper, and its received its tax money and held clients throughout , I'm still a bull, just a wounded bull. I'm still buying.

I bought in expecting a CEO change which has happened, but it took much longer than I imagined and in the meantime, there was a lot of over promising both to shareholders and clients that hasn't helped.

However, while the merger with Linear has yet to deliver the benefits I expected, it is likely to occur under Mike Wright who comes across as the right person - he's attentive, detail oriented, and has an
approachable manner too so I expect to see the inevitable changes to back office procedures in the Victorian office handled in a professional sensitive manner - but changes there must be.

A mkt cap under $20m is ridiculous for this business - its assuming it has one foot in the grave which is not the case. what I can't understand is why one of the very expensively rated peers has not yet made a scrip bid for the business. I know the top two are growing organically like topsy, and probably feel thats enough, but over $13 bn in FUA across several product silos must be tempting.