downside minimal upside significant, page-2

Pussinboots,

Nice summary. Some additional points:
- In April, SmartPass was allowed to move the portion of their cash float that they invest from at call rates of 1.35% to short term deposits earning 3.1%. That's over 100% in extra income the float that was being invested should be generating. We would have had 3 months of benefits from that, but now we get 12 months, so Smartpass should be in for a reasonable year. $219m in the float (see note 11) at the end of the fin year. 1.3m already repatriated after the balance date

- Buffetclub looks good, I would be very happy with $3m EBIT for FY13! Growth in China revenue this year was impressive, albeit off a low base.

- Oncards Rewards sounds like it could also be well placed to capitalise on "several significant potential partners (banks & airlines) with regard to joint reward programs through co-branded campaigns.

Agree with your sentiments about Management & Scanlon holdings, but would prefer to see more shareholder communications from the business with only 4 announcements to the ASX in 2012.