Ann: Update on JB Financial Group transaction, page-14

That is my fear. A bad debt (and that is what I definitely see it being) is not a tangible asset. It's illiquid and very, very intangible given the complex nature of the fellow companies involved.

I think everyone here wants to see actual cash otherwise if you think holding a black box of unlisted assets feels dodge, then imagine them being flogged off for a value that may not be fair for money that may not exist.

I am sceptical because these guys have given me no reason not to be in 12 months.