Ann: Results webinar and presentation deck, page-8

I think they got a reasonably good deal purchasing M3. In the last week Infocus purchased less than half the number of advisers from Clime.for the same price. They can afford to lose a few advisers and the deal will still be favourable. Not so favourable to Insignia shareholders who had this business sold below market price to WTL without a competitive tender. One for the Insignia shareholders to question but that is another story. The bigger issue is why WTL continue to purchase licensee businesses which generate the lowest revenue in the advice value chain but are lumbered with the greatest risk.