Ann: Letter to Shareholders , page-10

Sorry but I do not agree with you.

Sol had a high in 2008 of $11.50 that's $2.00 less than today.
Perpetual which is another investment fund had a high of around $82 ( to be kind) and is $24 odd today.

Thats protection of capital whilst giving you great stable increased dividends. These are conservative guys and that's why they form part of my portfolio. They are into the long plays not the cut and thrust of resources stocks. Perpetual just want to asset strip and unlock wealth so that they can move onto the next stock. However their own stock sucks as an investment.They are just predators that take a quick profit and run.

As regards NHC - I think they just wanted to clear the table of people constantly coming back to want to consider offers. really they just want a look - Now that is behind them and get back to running the business. Good and logical approach to business.

As regards BKW - Its clear you dont understand the business - Unpack the valuation and you will find that at today's pricing the property and building parts are valued at very little and the bulk of the valuation sits in the SOL share. However having said that I think you need to understand that BKW with the combined guidance of the Milner family decided a long time ago to reduce the carbon footprint of the business - they made the 25% savings as I understand it only for government to say its from a now base. It will cost them but their competitors are falling around them and they are buying up small strategic add ons. It may not be a start for now but will shine once again in a the next cycle.

Sorry but this is not the Milner's plaything and the perpetual guys would not have had such a fallout of FUM if they had the Milner's approach to business. As I see it its buy and invest in good quality businesses and opportunities and play the long game rather than short term profits.

How many of my banking shares need a CR and REITS needed more than a CR to get over the GFC. Yes they came out and through the GFC with a wad of cash - didnt dilute anyone except for the BKW rights issue to reduce gearing. and now you want to criticize them for not spending it.

I dont want them to spend it - I am not yet convinced we are even in the middle of this change - I want the world economy to stabilise and then to decide what assets have value.

If you dont like this stock sell the rest there are always buyers for it.