Ann: Earnings guidance and key organisational changes, page-15

I dont think if you have a 12 month contract to collect 130 m in other people’s money, you can sell that right for 52 m???

12 month contracts to collect 130 m in other people money nets you say 5 percent / commission -( that’s assuming no discount which is availiable). But say 5 percent, that’s 6.5 m gross to the agent of which they have to pay many many property managers and support staff - so the net is less than 6.5 m——- let’s pluck a figure and say they net 5 m-

to sell a 12 month contract which nets you 5 m for 10 plus times (50 m) the length of the actual contract I s absurd imo and one of my reasons for stating from the beginning that this the puppy would fall , they were , imo wildly overvaluing simple 12 month rental / collection agreements-

I’m short , paying multiple times net earnings for a single year contract is silly- they tried it in phone companies back in the dot com days and it didnt last because it doesn’t make sense