Ann: Half Year Report and Accounts, page-5

@warrigal

I don't think we will ever see the day when the Wilsons decide to spin out the property portfolio into a separate property trust.

This property portfolio is a crucial source of financial strength that differentiates Reece from other wholesalers/retailers. There is no way they will unload it just for the sake of a one-off gain.

Another thing that we will never get our hands on is Reece's massive franking credit balance. By the time FY2017 ends, it will probably break the $500m mark. There are not many companies in Australia that can boast such a big franking credit balance.

One thing that they might do again is share-split. Personally, I'm not a fan of share-splitting. I think the promoted benefit of increasing liquidity is just a myth. The only thing it will do is attract the wrong type of shareholders that focus on the short term and not the long term.

Instead, they should just let the share price take care of itself and one day break the $100 mark. Such a high nominal value of the share price usually will put off the inappropriate type of shareholders.

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@MarsC

I'm happy to hear that REH is your biggest holding. Until recently, for a long time, REH was also my largest holding. Because of outperformance by another stock in my portfolio, its standing has been relegated to number two.

Who knows, maybe one day it will become number one again?