Ann: 2016 AGM CHAIRMAN'S PRESENTATION-CDD.AX, page-47

I can't deny my Germanic roots, there is a certain schadenfreude, even when I'm the loser. On the positive side of the coin, I am hearing good things about the Crescent management team and whilst no doubt some long overdue restructuring is still required I think they will turn the firm around. I actually just purchased an additional 1/3 of my shareholding in Cardno. So whilst I'm cautious, I'm parking this as a longer term investment (I'm only down 20% thus far ). I would say 1/2 year will give a good indication and by the end of the year I think back on track. Maybe 1.30 Mid next year and 1.60 this time next year. I think the win for us might be Cardno being acquired by one of the bigger firms, at some point.