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I was able to attend the AGM on Monday. At this stage I will just focus on the additional information picked up at the meeting.

The chairman described the first quarter results as ‘impressive’.

The Directors are of the view that the intrinsic value per share is between 50 and 65 cents. They are of the view that they are getting a wonderful discount conducting the buy back.

Once the share price starts to reflect value, they intend to cease with buybacks and bump up the dividends. They made mention of 5 million in franking credits.

No guidance has been provided in relation to the likely dividend payout for financial year 2013, however, the directors would like to see an increase on the 2.2 cents paid out last financial year.

The business lending loan book is currently at 31 million. They are confident that Westpac will approve the facility to 35 million.

It is all about the debt agreements, over 17,000 customers. In good times and in bad, there will always be punters in trouble, needing their services.

I hope that helps.