From Page 21 of the Prospectus:"Payments to Ivor FindlayIvor...

From Page 21 of the Prospectus:

"Payments to Ivor Findlay
Ivor Findlay has entered into a consultancy
agreement with the Company whereby
he will provide his services on a full time
basis for 6 months from the date of the
Company listing on the ASX and will provide
his services as needed by the Company
for a further 18 months. For the first 6
months of the consultancy, Ivor Findlay, is
required to provide services on a 4 day per
week basis. During the last 18 months of
the consultancy, Ivor Findlay, is required
to provide his services as required by the
Board. The Board may require him to work
on the same terms as in the first 6 months.
Under that agreement he is to be paid at the
rate of $200,000 per annum paid monthly for
the first six months and then at the rate of
$200,000 per annum pro rata to the number
of days he provides consultant services to
the Company for the remaining 18 months.
He is also entitled to standard commissions
for broking and corporate activities.

Ivor Findlay has not previously been
remunerated on this basis. The payments
under the consulting agreement will be
additional expenses to the Company from
the time of listing for his consulting costs
and commissions for broking and corporate
activities. If the level of broking and
corporate activities written by Ivor Findlay
are at significant levels as they have been in
past years the additional expense incurred
could be significant."

Basically this implies to me that you cant assume the historical financials when going forward.
It also seems that Ivor is selling part of the company, then expecting to get paid more for continuing to do the same work for the company, virtually continuing the business in his personal role.

I picked up some during the float, then sold soon after.

Looks like the original owners self interest is being too well looked after at the expense of shareholders. Expect plenty of director and shareholder options and bonuses in the future.