Ann: Change in substantial holding , page-7

This stock is being sold off due to a weak headline EPS.

Revenue and EBITDA growth of 20% with stable margins and 40% ROE's means operationally the business is delivering.

Mgt still signalling strong double digit growth in NPAT which means there will be a significant 2H skew in FY13.

What I dont like is the new commission structure where trails will be paid out on 31-Mar and going forward commissions will be paid out upfront and then amortised in the P&L. They say it wont impact the P&L but it does make the business more capital intensive given the upfront cash strain.