Ann: Appendix 4E, page-9

The Australian has an article on it but I can't access it. The Australian seems to have some insider at QMS as they are the only ones that publish QMS speculation and so far they've been pretty wrong (or nothing has eventuated). On the call, Barclay said he could not comment on media speculation.

I topped up before the results, expecting some recovery as the SP has slipped quite a bit - but it seems the opposite has occurred! Should have waited!


Biggest concern is about their size, and whether this will have a negative impact on their ability to win contracts. Their response is that they focus on quality of asset, i.e. large format digital billboards - arguably not something advertisers will typically want to bundle with other low-quality assets.

Maybe one reason they weren't taken over by the bigger players is because their assets do not bundle well with the street furniture kind of asset the bigger players have a lot of. If it's in a different category, then perhaps can't really compare QMS to APO/OML/HTE