Ann: Letter to Shareholders , page-4

molly and markie

can you tell me what RELEVANCE THAT THE SHARE PRICE OF PERPETUAL HAS to whether Perpetual has a point or not about sol and bkw and the crosshareholding??

if you want to go down that path then perhaps the performance of their funds, or more particularly of the funds managed by the portfolio manager who is pushing this issue might be of some relevance.

Perhaps also the performance of sol in past 5 years is not as relevant as how can its performance for shareholders be maximised looking into the future?

I mean, is it likely that we will have another arrow energy in the portfolio, or for that matter new hope coal?? Yes they have done well but the csg ( qgc, pes ,aoe )stocks were spectacular! And small to mid coal stocks have probably been the best performers in the past few years, on my rough guess, maybe as good as or better than goldies!

Yes, the Milners have been good but the defiant and imperious nature( superiority tones also ) of the letter reminds me of how an established monopoly may react when their monopoly looks like being challenged!!