Ann: Earnings guidance and key organisational changes, page-8

Don t think it will make the slightest difference now that Jm goes back to being more involved other than you can be pretty sure the company will issue a truckload of more free shares to him as part of his new involvement which will further dilute holders

Nothing to do with lack of listings- more to do with many of the big writers of business have sold their holdings and moved on in many cases in direct competition to the company owned stores- barriers to entry into the market is super low and the systems all used are cheaply obtained - as show before- one guy who left and sold a big holding had ads in paper saying he closed 44 m of property in the main area of McGrath eastern suburbs patch in his forst 6 weeks——

Back the money out received In Trust and it’s just a small business with an over inflated market cap

As for property management underpinning market cap- I don’t agree and never have- these are just short term contracts and are also suffering price pressure across the industry, but valued as if they are long term recurr g revenue

It is way overpriced still imo-it’s not getting its share of listings- because of new and growing CoMpetition - it’s not realisng it’s 2.2 percent commission as competition is all over them from independents - it’s property contracts are short term and also suffering cost demands from clients- like all in the industry

Only
Jm and some
Big
Holders/ agents who have now sold and
Left , together with advisors all pumping the stock seem to have made a fortune