Ann: December 2018 Quarterly Business Update, page-3

I agree its steady as you go on the retail flows, but there was a time pre HUB when +$50m in a quarter was good. No sudden bad surprises, which was a worry after the CFO quit. All depends on how sticky their retail clients are going forward and how synergies progress. I’m not concerned by outflows from PAS. They probably lose money administering those. No change to guidance, and markets have improved since it was downgraded, so I think they should hit their revised target with hopefully a bit to spare. The software depreciation courtesy of Linear will hit published profits, but cashflow should be quite positive, allowing either a divi or more probably at these levels, another buyback. The MC is undemanding, and it must in the sights of Premium players like Hub24, Netwealth and the like at these levels, although it would require agreement with the top shareholders. I’m still adding out of spare cashflow.