Ann: Changes to the Executive Management Team, page-28

I know Garry Crole and have met with Brent Jones as well. So my experience with both travels back sometime. I am an accountant so was very interested in the Interprac model as I felt it had benefits for smaller professional firms. I probably first came across Garry Crole at an AGM of Paragon Health care - that would probably be 2012. I then saw he was a director of Diversa and was very impressed by the vision he outlined to shareholders in regard to that business and its acquisition strategy. As I understand it he was also involved in Deakin many years ago.

I also contacted the shareholder who motivated the S249D that was later withdrawn as the director resigned.

It's my impression that the whole Superannuation industry has had a bad year. Clients have been immobilised whilst trying to digest what impact the Royal Commission would have on the future. At the same time, the whole financial services sector is facing dislocation. So let's not forget that AMP, IOOF, PDL and others have had huge price declines - HUB has gone from $14.81 at the end of April to $12.70 today.

I tried to speak to Scott but he never returned my calls. So No I don't know him.

Personally, I don't believe that its a quick fix ( No I have no proof but have worked as a turnaround specialist overseas). I am also not surprised that some parties leave. You can read about the same thing in the OVH forum. As much as change is necessary not many people cope well with it. The change also costs a lot of money - people you let go have to be paid out. restructures cost money and every CEO has a different style. So many in the organisation would have been shocked when the group posted a half-year loss. I am not surprised that some would want less perceived risk and seek a more secure environment.

The fact that I see is that there are parties on this forum that keep harking back to the previous management. They even make reference to current management which I believe is disparaging. However, the logic is that the shareholders have spoken - If previous management thought they could remain then they would not have resigned before the 249D meeting. So my opinion is let's move on.

As regards this year 2019. I am prepared personally to write that off. I have made money in Diversa - I even made money in OVH that took over Diversa and gave shares for that. I respect management. John Larsen is a non-executive director here as well and I have never heard anything negative about him.

There comes a point in which you have to decide for yourself to listen to the noise or to give management time to get the ship turned around. The Equity and reserves were valued at $30 million at the half year. According to the half-year financials, Morrisons must maintain net core capital of $14 Million at all times and 90% of that must be in cash. So at this stage, the Interprac business is only $6 million to support the current market cap. From what I can glean from the financials since December 2017 it should be valued way above that considering it was valued and purchased at $12.7 million in 2017. As I understood it it was an unlisted public company when it was acquired.

Really right now you cannot get buyers in companies that are not in the big league or sexy. Look at the comments on the HUB forum...

You have to decide - I will await the first half of 2020 and decide if they have righted the ship...

Another positive is that management have been buying shares as well.

These are my opinions....