Ann: Half-Year Results - Release and Presentation, page-16

The conference call discusses this ( loyalty program ) further, off the back of an analysts questions. The point is made it is in the top 5 loyalty programs in Australia in terms of membership, led by the airlines but the difference is Myr customers are active members unlike the airlines. The MD states the program is valuable and the sum of parts is worth more than the whole in terms of MYR overall value. However the MD states there is no plans to spin off /sell , it is low on the Agenda for the next 18 months

in my view whether it’s monitised now or not, it doesn’t matter as if ultimately represents value that exists in the business now and the likes of Lew would factor than in to any TO attempt price