Im Out, page-25

It's fairly simple. The board has finally realised they don't know how to run a services business which is what their Health group is. You've got a company that is 90% box mover (adding little value - they have lost most of their "exclusive" agencies) trying to be a health services provider on the side. From talking to some of their Health customers, there is no focus, investment or attention on the health division.

Based on countless annual reports and investor presentations, Health was to be the growth vehicle for the future. Clearly there is a skills issue at board level (but that's pretty obvious).

In the meantime, the board have obviously been watching OneView's listing which raised $60m (jealousy?). Listing Lincor Limited is the opportunity for Hills to cash out of Health and get back into their comfort zone of moving boxes. The only problem is they've got no one to buy them.

It will be very interesting to see the half year accounts for HIL.

BB.