Ann: Video update from Chief Investment Officer and Chairman, page-51

what nonsense

Magellan have a minority stake in Barrenjoey which they acquired with cash......Barrenjoey staff don't get paid by MFG nor do they get MFG shares (unless Barrenjoey mgmt have decided for some weird reason that instead of paying them in cash to buy shares in a company they have no influence on and give that to their staff...its just plain weird.....it's like your employer paying you in potatoes because they think you like french fries instead of cash.....just weird).

Barrenjoey have actually made money in 1Q22 so not sure what capital they need.....they lost ~100m last year, but a large part of that would have been the startup costs and I would imagine share based payments/incentives to attract all those bankers......with what MFG & Barclays invested in Barrenjoey, Barrenjoey should have plenty of capital especially if they are making money 9 mths after setting up shop (and the continuing robust M&A market would indicate they will be making money for at least the next calendar year).

If you are going to downramp (on a share you don't own), at least have a basic understanding of what you are commenting on