Hi Hectorplains - I take your point (assuming I got it right) on...

Hi Hectorplains - I take your point (assuming I got it right) on the significant write-downs in the training segment, however I don't consider this an issue of poor capital allocation. Once the issues in the vocational sector became front page news, it was always going to be difficult for any private sector operator to continue in their current form, as the regulator was looking to effectively shut the industry and make an example of any large players (and it was a lost cause to try and convince them otherwise). That said, I would actually like ASH to deploy more capital into the training industry given its less cyclical demand profile than labour hire, strong growth prospects, and that mgt have learnt (the hard way) what it takes to operate in the new environment. More broadly on the issue of capital mgt, at least in my view mgt have been proactive in returning surplus capital via healthy dividends and have been cautious in making acquisitions where the price doesn't stack up. Nonetheless, the market seems to be more in your camp than mine, so I will just need to sit tight and hope they continue to do the right things for shareholders.