Ann: HY23 Results Media Release, page-30

Had a great 90 minute listen to the podcast interview that Todd Barlow did with Rask Media a few days ago and picked up a couple of things that I thought you guys might find interesting:

1. He mentioned in the next few years that he'd like to see Amp Control (engineering company that they now own 100 percent of) floated on the ASX along with Ironbark which is in wealth management

2. Interestingly enough (particularly considering yesterdays announcement of a new joint venture private credit fund with Penganga) he talked about wanting to take outside capital in the future which gives investors direct exposure to alternative assets that might not be easy to invest in on the ASX.

I think the next cab off the rank in this area will be the rural property portfolio they are building up. It seems to be like that will either be floated or made into some kind of unlisted trust that people can invest in directly.

All in all it was a great interview and once again reiterated to me that they don't intend to just be a big LIC and will keep reducing their exposure to aussie equities over time (the portfolio that was inherited from Milton) so they can put that money into more unique opportunities.