any reason?, page-17

It is very hard for the shareprice to be supported given the absence of any real updates from the company. The lack of disclosure is incredible.

All I read from the announcement is that they have paid off some debt (which is good), LHP performing ok and LHP FUM has bottomed and starting to increase.

Re the profit, very hard to know what this means, as likely to be significantly impacted by the level of one-off costs e.g. redundancies. The absence of forecasts is pathetic...given the elimination of leverage and gates on redemptions, this must be one of the easier P&Ls to forecast. They should at the very least provide a forecast based on current FUM total and composition. The only exception is performance fees.

Looking ahead over the next 6 months and full year results, there is potential for material performance fees IMO. On the negative, the Australian operation seems to have gone very quiet...risk is that FUM decline continues locally. However, LHP seems to be in full swing and US hedge fund market seems to be moving forward again, so a few nice new business wins would be great over the next six months.