Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-7

There are private takeovers occurring in the marketplace every month for MGAs a lot larger than ENA. The max multiple used is 8x EBIT (max). A takeover would be because its listed, to use the listed vehicle and not because of the insurance book as no one wants to inherit the asx costs on such little earnings.

dont get me started on the motor insurance investment. The board sold out all the upside of large commercial products to now dabble in retail motor? No one makes money on motor insurance. There is literally no money in it. Another example of very poor management decisions. If you are close to break even…..