Ann: Nine Transfers Preference Shares to StreamCo Media Pty Ltd, page-55

There was nothing material in that announcement. Shares moved from Channel 9 to Channel 9s Streamco venture....

"Shares" Maka....

I thought you said they were a loan?

Anyway, they have been moved from a vehicle owned only by Nine....to a vehicle owned by a partnership between Nine and Fairfax...Streamco.

Streamco has been set up to launch a SVOD service...

"At the time Nine told CNET that the Quickflix buy was a "small, opportunistic financial investment".

Why would Nine want to cut Fairfax into a "small opportunistic financial investment"?

Because it isn't!