Can't see why BNB would buy this. They want to wrest the management rights from Allco and collect the management fee on the FUM. A much better long term bet for them than a REU/RAT/RJT takeover that would require heaps of debt and the markets would hammer them for. Ingot are a LT value investor. Does the 20% rule even apply to Trusts. They're very different in most respects: no AGMs no voting in of Board by unitholders etc?
looks like moving up, page-4
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