is there anyone, page-17

Hi Markie

Thanks-but I do not need to read their presenter- I work in this Industry and am very familiar with where they sit in the market.

There does not seem enough room for 3 Wholesalers in a market with declining margins and where Govt PBS reforms are impacting on pharmacy margins and wholesaler margins.

Parent S/Patts adds some confidence but In my opinion they would love their investment back. If API are being forced to bring these write offs to a head- then there could be other issues to follow from where I sit.

CEO has been in control for several years and that's about normal shelf life. Good luck if you like the Company, but tread warily- I do not see where SP growth will come from.