Still drifting up on low volume. The persistent selling that was there at 19c hasn’t recommenced yet. And with HUB et al powering upwards, the relative valuation still looks pretty attractive. Hub has the much bigger flows, but only similar FUA, and a much bigger valuation. I still think this is capable of getting back up towards 40c before it starts to look properly valued.
Ann: Business Update and Appendix 3D (Changes to Buy-Back), page-7
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