Ann: SEQ acquires Morrison Securities Pty Ltd, page-10

I see it as just churn. I am waiting for the half year so that I can see the picture unfold @30c or below I will take more but right now with all the moving parts I would rather wait and see it unfold. I have to remind myself when stocks are this low that 7c on 30c that's over 20% more - I would be looking at the company a lot harder to pay up 20%

So maybe that's what everyone is seeing.

I also have a view that financial companies ultimately you have to DCF and cost in the absent dividend flow. I have no idea when this one will even be in a position where income funds acquisitive growth let alone dividends. My model looks very speculative... Actually, I would not even call it a model at the moment more like a back of the envelope idea.