Ann: Preliminary Final Report, page-2

Quick comments from a first review. Non-cash hit from the balance sheet muting the headline results. The explanation has been flagged for the past year or so (margin pressure with low rates as the book refinances and recycles) but more commentary is needed. Even so the NTA of this thing is still way above current share price so it should not cause a sell-off at this deep value level.

$2.1m in director fees. Just have to laugh.... Also have to hope the lawyer bills will end as promised.

$1m loss attributable to the JV, no real explanation provided but presumably part of getting it up and running. Commentary will be important next month.

Outlook and comprehensive outlook suggested to be coming next month with the final report. Let's hope we get some value for those director fees.