Ok, must admit I haven't looked at the Annuals (not to mention...

Ok, must admit I haven't looked at the Annuals (not to mention calculated the continuity - that takes a fair while) so I wouldn't know, that's why the general statements were made in relation to tax losses and shareholder continuity. So I do apologise if I offended.

If it is indeed the case that there have been substantial changes as not to soak up the losses, then obviously someone hasn't done their job properly.

There are usually ways to get around the issue and take advantage of losses, with off market deals and careful structuring, which, if FRE did not do, would be a pity. There are even shells out there for sale (obviously not publicly), mostly at around 30-60% of the "value" of the tax losses. Without getting too specific, the sale of "loss companies" is alive and well, so are "phoenix companies".

My sentiment is none, and I hold no shares. The reason is I don't know much about it, yet. Was simply commenting on the tax situation.