Jeremy Cooper, the superannuation reviewer not the brewer, has released A Conversation About SMSFs. This document is as refreshing Cooper’s Pale Ale, Cooper even leads off with a Coopers joke.
I encourage all SMSF trustees to read the document, though in summary Cooper says SMSFs are doing well and despite concentrated asset allocations* are performing as good as if not better than other investment vehicles.
SMSFs might be able to aspire to this [excellent performance] because:

SMSFs can pursue asset allocations that would be difficult to implement in an APRA-regulated fund;
SMSFs can have longer-term investment …

The Super System Review is examining Australia’s superannuation system in three phases. Today the Cooper Review will release the phase three issue paper. Here’s the timeline for the review.

There’s been some great if obvious findings so far.

MORE than $13 million a day is being sucked from Australian retirement savings because of underperforming retail superannuation funds and commissions paid to financial planners…via Business Age

2x leverage wasn’t enough so we got 3x, now Kelly Capital are taking it to an extreme with 100x leverage. It’s good to see someone at the SEC has a sense of humour, Ben Meriwether is a funny guy. Of course the powers that be at Kelly Capital also appear to be full of mirth calling their leveraged ETFs, SINK and SOAR.
“These are intended for attentive traders only,” says Kelly Capital chief executive officer Jason Kelly. “The extreme leverage employed will cause both funds to go bankrupt within the course of most trading …

11  Administrators’ Opinion
the option of the administration ending is clearly not viable for the GS Group.
At this stage, as no DOCA proposal has been put forward for consideration, and no such proposal is pending to the best of our knowledge, this option falls away and cannot be considered.
The only remaining option available to creditors is to wind up each of the GS Group Companies.
Based on the above, it is therefore our opinion and recommendation that creditors should resolve that each of the GS Group Companies is wound up.
See Final Report for Great …

MMC Contrarian (MMA.AX) holders voted with their shares. Holders of 33% of MMA rejected GPG’s scandalously low bids of $0.48 and then $0.50. I haven’t heard what Nicholas Bolton has done with his 5.5% holding. Bolton’s Australian Style Group started buying MMA in May and bought consistently through until September 10.

GPG at 65% of MMA and a new consitution
Guinness Peat Group (GPG) announced 64.15% yesterday and with another 1.8million bought so far today they should end the day owning close to 66% of MMA.
75% allows GPG to change constitution. There was a new constitution out yesterday, which contained the amendments from AGM resolution 7.
I wonder what Nick Bolton is up to. Come on Nick leave me a comment.
The independent directions continue to say no. I’m wavering, but if everyone stands strong I will too!

$0.53 beats by 2 making this 11 out of 12 quarterly beats. More importantly book value leapt.

Book Value Per Share of $9.03 Increased 12.4% During the Quarter and 38.1% Year to Date
At $11.39 after hours that’s a price to book of 1.26 for a fast growing superbly manged insurer.

Relenza sales were £182 million reflecting continued orders from Governments for pandemic stockpiling. That’s around $24M in royalties for Biota. Production increases on target for 190m by end of 2009.

£45M in US
£38 in Europe
£99 RoW via GSK announcement
Royalties owing to Biota Holdings (BTA) from GSK’s Relenza sales of $23M, narrowly beating consensus estimates.

Production increases on target for 190m by end of 2009. Waiting confirmation from conference call.

Neptune Marine Services Limited (NMS.AX) today announced that its patented NEPSYS dry underwater welding technology has been qualified to 70 metres.
Early this year NEPSYS was qualified to 43 metres for the North Sea project Neptune are working on. NEPSYS was introduced in 2003 and qualified to 30 metres in 2006. [Updated, based on baglimit's comment]
This new qualification open up further markets for NEPSYS and the company is planning on testing to 100 metres in 2010.
According to the 2009 accounts Neptune’s Offshore Services revenue, which NEPSYS is grouped under, was $128M …

Prana secured an additional $6M in exchange for 20M shares and 10M 30 cent options. This funding brings the total dilution since the successful 2A trial to 31%.