Ann: Appendix 4C - quarterly, page-3

Really you cannot compare the 2 businesses. OVH is in the comparable space of EQT. EQT trades on around a 25PE - which I think is far too high. OVH is just clicking over into profits and should grow very fast in first few years... Over time I expect them to compete with EQT - probably OVH should have a PE of around 18 when the profits kick in.

SEQ - I own some there as well but really I am not sure how you compare this company to anything - $17 million out of $23 million is trading execution and investment solutions. SMSF administration is only 1,88 million. If you compare BFG - around a 15 pe on a high growth track then the difference probably lies in the opportunities and the sustainability of the earnings...

OVH is a great investment if you like this space - I am less convinced by SEQ - I need them to get more focused so that I can understand what they intend doing...

What does surprise me is the constant change at close - it seems to lose 1.5c easily in the auction ...