Ann: Non-binding indicative proposal to acquire Link Group, page-55

Perhaps competition is not all bad, including for the consumer; companies can still be successful without having a monopoly and there are very very few monopolies today. Real estate.com and domain are local examples of success with competition, despite realestate.com having the first mover advantage and monopoly followed by competition. There must be something to like in the PEXA business ,given the many and varied attempts at take-over, albeit at a lowish price.