Ann: AGM Presentation, page-10

Hi Madamswer, always intriguing to read your informative and well thought-out posts.

I am a little unclear regarding your sentiment with this company as one of the mainstays of your investment thesis is that of sound and prudent management. In this case you mention the error of overspending without apparent thought for an inevitable future downturn which almost buried this company. The historical ROE of BOL is quite unimpressive, particularly when compared to MND and to to a lesser extent NWH, and their other metrics to date have also been rather shabby. To my mind this does not indicate an exemplary management.

I am certain that, given your sentiment, there is something worthwhile here that you see that I am missing and I would value your insight as to what that might be, should you be kind enough to share your view.