Australian stocks he knows will be absolutely smashed – Babcock & Brown, ABC Learning and Allco. He said he knew the hedge funds in New York would short them all because the owners had borrowed a lot of money against their stock. So if the hedge funds shorted them and caused a bit of a panic, the banks would call in the owners’ margin loans and put their stock out in the market, then the hedge funds could buy it and cover their short. Therefore, the intrinsic value would be $0 because the option is out of the money. However, the option still has value, which only comes from the extrinsic value, which is worth 50 cents. To achieve that we want to offer an integrated customer proposition that encompasses advice, asset management, platform and products. The acquisition of the remaining 50 per cent of Cirilium is an important milestone in achieving that outcome. We can assist you in related investment activities. For example, we have a preferred custodian or we can help you find a suitable custodian. If required, we can also help you set up a personal superannuation fund (i.e. a self managed super fund), family trust or holding company. Dive, head of listed securities at Philo Capital Advisers which has $4.2 billion in funds under management, said he had personally seen instances of fund managers pushing companies to reveal market-sensitive information. Greg Medcraft, chairman of the Australian Securities and Investments Commission, indicated he was not concerned at price-sensitive information being leaked. Media delivers concise, timely information and they have a great understanding of the high pressures of journalism. It’s the enticement implicit in the invitation to attend a selective briefing. Management can easily forget their obligations not to reveal information that may affect the value or price of their company’s shares at these invitation only meetings. Since no fund manager can attend every invitation only briefing, then every fund manager is to varying degrees, disadvantaged by selective briefings.