Ann: 2011 Shareholder Review , page-6

Obewan,

I agree with your sentiment re: Macquarie - My general philosophy is when they downgrade to sell, wait 1 month, then buy all you can.

If I was trading SKI, I would have sold at $1.50 for sure, it was always going to recede to closer to $1.40, which is a fair price for the company right now .

I'm definitely in the market for some more of these though. I understand their core business way to well. They have society by the balls, excuse my language, and the only way that I can see that they could actually improve their standing as corporate citizens is by rolling out smart meters... which they are doing.

I find this interest they have in acquisitions very distasteful indeed, and I think the market is responding to that. The reason people hold this company is because its all a big scam on society that individuals are able to make such large profits.

When people bitch and whine about the cost of electricity, it's not the carbon tax they should be looking at but rather, our companies (and SP AUSNET etc), who are often foreign owned.

Don't you see, the most rapidly increasing section of your power bill goes to Spark's companies, and they pay dividends to Spark, SP Ausnet, Singapore, Hong Kong, etc etc.

Spark is how you hedge against your power bill (actually you would already have solar panels if you wanted to do that).

But seriously, this company needs to push smart metering so it can actually look society in the face and say "I have done some good for you"

Meanwhile, the network providers are legally mandated to grow until 2015, so the new CEO is probably looking for acquisitions so as to justify his salary. I'm sorry to say it but I'm still convinced that part of the sell down is Laura Reed leaving. She did a pretty awesome job making Spark a better company for shareholders, and the best they can come up with now is acquisitions?

Please.