It seems things have deteriorated further. My clients hold COB shares and I continue to believe the SP is cheaper. However, looking at the statements from BPL I also continue to believe management heads should be rolling at COB. If we are no longer managing the JV then it’s now a passive investment holding company. Further, if COB management took on costs unauthorized by the JV that’s further cause for sanction.
Ann: Response to ASX Appendix 5B Query, page-3
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