Peter Smith – Financial Times
With IRESS Technologies, you have got a 20% stake, can you tell me again what’s the reason that you have got the stake and might you buy a bit more of it?
Robert Elstone, Managing Director & CEO ASX Ltd:
The reason we have got it, it pre-dates me, as the stake was taken 9 years ago so I can’t speak for my predecessors why it was taken. I think over the 9 years that ASX has held that investment from memory, is that it has delivered a dividend yield of about 4 to 5% per annum and it’s grown in capital value about 11% compound. I think if I asked any of you would you buy that investment you’d probably jump at the chance of buying it so it’s been a very successful investment for us. We think it is an exceptionally well managed, well stewarded company by Peter Dunai and his board and because it’s been a successful investment in the last year we have bought a little bit more stock. It’s clearly an adjacent business to what we do but beyond that I am not going to make any forward looking statement or fan the fires of speculation as to what we may or may not do. We just think it’s a great business that’s extremely well run.
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