Ann: Response to ASX Query - Half Year Accounts, page-34

Lots of hype on the accounting item and it will grab headlines and cause some consternation from fund managers.

Personally though I think the result is the important thing/more interesting aspect of the same results and it was sub-expectations. Time will tell if liquidations pick up. If over time they turn out to achieve lower lifetime multiples than indicated by the company then the downgrade is warranted, if not then maybe not.

Either way publicity on the accounting item will potentially warn money off the bid in my view.

Other than that we also don't know the facts about whether a treatment was agreed in principle based on presenting further evidence to support it (which never arrived) or it was a full carte Blanche agreement and then 180. Bear in mind the hy review report only says they didn't receive the evidence to support the treatment, not that they are saying the treatment is not possible regardless of the facts and circumstances and if presented they wouldn't agree with FV accounting.

DYOR