Ann: Non-binding indicative proposal to acquire Perpetual, page-22

Have just been having a more detailed read through all the previous posts and have been really interested to take in the different perspectives on SOL.

I've personally been a fan of selling down the publicly listed share portfolio and heading back towards a more concentrated portfolio. Realistically the only way we will continue to out perform the market going forward is having a smaller number of concentrated high conviction bets and that's traditionally been the SOL way it's just that the Milton deal added significant scale to that and allowed us to move past the total reliance on the same old trio of TPG/NHC/BKW.

I do understand why if you'd ended up with shares in this as an old Milton shareholder you'd be reconsidering your investment and my suggestion for those people would be to look more at something like a BKI for a classic old school LIC that's trading around NTA at the moment (AFIC and ARG are at premiums).

Regarding the management/culture I'm a huge fan of the Millner's and also really enjoy listening to Todd Barlow on podcasts (the current MD). One thing to note is that I've heard Todd mention on multiple occasions that 90 percent plus of his net worth is in SOL which is a level of alignment that's very uncommon on public markets.

As a trade off to feeling like the management have significant skin in the game I've always been more than happy to take the related party transactions etc.

Something else to consider along these lines is that SOL expanding an issuing a lot of shares through the Milton deal and potentially this one if it gets over the line is that it's actually loosening the Millner family grip on the company.

You will most likely find at the AGM tomorrow that Robert doesn't answer any questions at all and it's left to Todd Barlow and Brendan O Dea so there's been a real transition happening.

I actually hope that the Millner's stay heavily involved for the next generation and that Tom Millner becomes the next chairman but I think this outcome is less certain than I would have said it was a few years ago. Just some food for thought on one of my favourite companies to follow!