Ann: Appendix 4C - Quarterly, page-13

Interesting company. Held it many moons ago pre consolidation days.

I probably shouldn't post this as I don't have any shares yet!

AMP values its businesses at 4 times revenue and these valuations are built in to bolr arrangements (buyer of last resort) deals with the owners.

If the advisor retires they get paid out this amount if a buyer is not found. There are obviously adjustments based on commission income and grandfathered commissions but I don't need to bore you with that stuff.

Given they have just turned over a staggering $9.6 mil ...when you annualised that at around $40 mill per annum ... and even being conservative in this space at a multiple of revenue of 1-2 surely this company is worth a market cap of at least $40 mill based on peers and financial services income valuation models.

Anyway congrats to holders.