Hi drifter. I haven’t bought. And I won’t until I see some...

Hi drifter. I haven’t bought. And I won’t until I see some value. I do however see massive potential here if they get top level done. If it gets done and at the right terms I am in. I like the businesss model with the east coast guys. Without them they will fail to get the scale they need to get to profitability.

It’s a very low margin high turn over model. Just ask Mark Bouris around the danger of not getting the appropriate scale to cover the width of the expense base.

My colleague spent some time with John Kolenda recently and thinks there is something here. If they can get their ducks in a row.

But buying anything for the sake of it scares me.

And Vicpark, clearly I didn’t get the memo. I once relied on memos. Now I get my hands dirty and speak with the people on the ground. Which I have been doing all week. Sorry but unless everyone I spoke to is telling me lies, then this is not the business you seem to think they are buying.

Having two competing models, one which follows the traditional comm split the industry has always known, which by way of importance, is exactly why AU1 set up stating that model is broke, and one which says the agent is the value, agency takes little. If that’s the way of the future, then all these agents would have come across anyway for nothing. $950k for a $100m lending book is way too much.

And your comment about underpinning current Val, I’m not so sure of. 20 years as an analyst I love my financial models. And I’m telling you.... it doesn’t even nearly.

Paterson’s have got firm allocation for tranch 1 of 96m script. This will be complete 19th dec.

So the clients haven’t received their script yet. They will sell anything above 2c as soon as the stock hits their accounts. And keep the option. You will see the sp drop below issue by mid next week.

Just my opinion. And I’m often wrong.

Just saying.

10x