Jalumai understood the icq stake was a partial sell down. If it...

Jaluma

i understood the icq stake was a partial sell down. If it was entirely sold that is something i missed. i havent seen a top 20 list for a while.

As for the positive npat - yes was aware the $5m from sellign shares was in that.

i think you and i just see this differently.

the reality that a lot of public shareholders dont really accept is that people float companies to make money for themselves.

so there is always a 'conflict of interest' as soon as they have more than one investment vehicle because they start splitting their time.

But what is called a conflict under listing rules is quite narrow - and basically most of what you outline falls into the nasty thing called the 'grey area'.

its not to say you shouldnt ask the questions.

but realistically its awfully hard to make such arguments stick - especially when the vehicle you are concerned about appears to be doing reasonably well.

the real question is whether ipp is realistically going to get the market penetration rea did.

if it does in just one of its target markets, you wont have anythign to worry about.

and a chairman will say thats on the ceo and employees, not him. his job is to oversee strategy and finance and develop relationships.

thats life in the helicopter.