Ann: Appendix 4E and Annual Report - 30 June 2018, page-3

I've just purchased shares so not frustrated. So coming at this with a fresh perspective.

I think the fundamentals are pretty good here.

They have;
* ~$16m in cash on a $30m market up, so an EV of $14m
* Just produced a $5.2m of NPAT (5.8 x P/E)
* EV/EBITDA (using PBT as quick proxy) of $7.2m (EV/EBITDA multiple of ~1.94x)
* 2x book value
* 20 year track record of outperformance and a new distribution team (that has real value)
* they fixed the managment fees which caused the outflows (taken the pain)
* back with positive research ratings, back on some platforms

Yes, FUM has been falling but if you take the view that with such a good track record they'll eventually get back to growing FUM, this thing coudl do really well again.

Very leverage upside on FUM growth.

For every $100m of FUM they can add is $1.5m in revenue and $1.0m NPAT

(and yes the CEO pays himself too much)