Ann: Change to CFO role and reaffirmation of FY18 underlying EBIT, page-18

Are you talking about BB at HSO - no I wouldnt at this tage - it has normal volatility. ISU has much lower volatility with 2 standard deviations from median price are very closely packed. Market is waiting for the next step from the company and people dont want to change their positions.

Combine this with the fact that ISU has a very tightly held register with over 90% held in Insto hands - it says that no institution want to sell (on the contrary 3 institutions have increased positions - become sub holders)

There are 12 days remaining for the annual results to come out. If ISu proves that they have stabilized the business and can restart the growth engine - we should see some rerating in the price. Maybe the catalyst for IHA to lob the bid finally - I would be surprised if they just took a position to hedge their bets for CTM.

No permanent CEO/CFO - business just cant continue this way forever. Something got to give. I think they are negotiating for a better price thats all at this stage.

ISelect have increased their marketing as well as far as I understand - at least in Sydney - this should flow into their bottom line.