Ann: Notices received under S203D and S249D of Corporations Act, page-152

Just to clarify, post 31 December according to the PVL substantial holder notifications, PVL have invested over $700k in Percheron.

Also need to consider the ongoing costs of the companies that were incorporated just prior to the end of the half year (these ongoing costs would not be recognisable in the half year due to when they were added to PVL) and the recent appointments of David McNamee as an employee (Chief Investment Officer & Portfolio Manager) and Richard Rouse (Head of Powerhouse Advisory) and any other staff that were bought on.

Very difficult to ascertain what the ongoing costs will be for the business at this early stage, but based on the above, it will be more than is represented in the half year accounts.