Ann: Notice of Annual General Meeting/Proxy Form-KBC.AX, page-4

The KBC portfolio is probably having a good month also with MPO, PTB, MEL looking ok. So where could you be wrong? Well BEL is a reasonable comparison perhaps. For many years trades at a discount of NTA in the order of 35-40%. Bentley has a stranglehold on the register of KBC now so perhaps the new norm for Keybridge will be to always trade at a 40% discount to NTA?

I was a holder a while back when Wilson and Wylie had about a third of the company but when Wylie sold to Bentley it was disastrous for other shareholders. The style of management I suspect here will be to be remunerated handsomely for their unique expertise.

I wouldn't think they could fall below 11.5 in the short term but nothing is ever as it seems with some of the personalities involved here so I can't bring myself to buy in again. I actually really hope the smaller shareholders can do ok out of the situation somehow though.