Ann: Letter to Shareholders , page-5

Sorry don't agree:

The share price and its growth versus that of Perpetual has every relevance. I invest to make money and get a good overall return.

You cannot assume that arrow or New Hope were just a lucky guess. The Milner's have acted very conservatively in the interests of shareholders.

Today I receive a letter from the proposed director nominated at the instance of Perpetual who suggests unlocking the franking credits. What a joke Perpetual may well get a benefit of cash and no extra tax but I pay more than 30% so the money will cause me to increase my tax burden. The super will be fine but then I have to invest in other things. How does his first comment help minorities who dont have a top tax bracket of 30% or is he just there to put pressure for Perpetual to unlock value for a corporate. These guys do make long term investments and have performed now we are being asked to ignore there superior performance as luck. Sorry but they made the luck and I think the Brickworks investments in plant and acquisitions will create wealth for the future. This share had no GFC rights issues and gearing issues and that was as a direct result of holding cash. This is a share to keep in the bottom drawer and has replaced my banking shares as the world has changed.

By the way I wonder who paid for the prospective director to send letters to everyone - what is he going to add top this board and he doesn't track how the companies he was a director of has faired does he. Looks more like a job application than anything.