I'm not sure we'll have much clarity when FY18 H1 results are...

I'm not sure we'll have much clarity when FY18 H1 results are released in February 2018. The Morrison acquisition seems small and we'll own it for c 3.5 months and the Interprac acquisition is large but we'll own it for c 1 month. There are likely to be due diligence expenses as well. The other uncertainty around SEQ is a purchase today is very much a purchase in the SEQ and Interprac combination, and without the independent expert report I just don't know much at all to make an informed decision.

Since late January 2017, the share price has been range bound so maybe the market has given up. Add to that the recent placement at 32c means there may be a few extra shares to drop on the market at or around 32c.

This is one of two financial companies in my portfolio that I consider to be strategic investments, where the valuation doesn't need to stack up and that I'm along for the ride. I find it difficult to place a value on strategic investments. Both companies have platforms that should deliver value - not necessarily in the short term but most likely in the long term.

At the start of the year, I valued both financial companies at similar levels. SEQ has risen from 23c at 31-Dec-16 to 30.5c at 6-Oct-17 - a respectable return for the year to date, even if it has done nothing for the past nine months price wise.

(My other strategic investment has fallen from 22.5c to 17.0c over the same period - a disappointing return for the year to date and it has been even lower in the past couple of months. I'll probably reclassify that as a hope investment rather than strategic.)

All that said, I think SEQ is heading in the right direction operationally and it is in no way expensive. A good place to be in for a long termer.