Ann: Appendix 4E and FY2019 Financial Statements, page-3

I think it's in the report. Really happy top invest with a manager who admits mistakes and outlines what they have done to change these.

Seems like the investment style has changed but looking at the portfolio I think I like it. They have also not been scared of moving to cash. Very few Fund managers are comfortable with that as you separate yourself from the index. Being fully invested keeps you linked to the market performance. With low interest rates, the pressure to be invested is even higher. Brave move and I for one applaud it.

I keep thinking this manager is doing a better job than I could and getting access to stock that as an individual I could not. I see GC1 remaining as part of my portfolio and hopefully, MG's plans will flow through to the NTA.

I think dropping the dividend to 2 cents is prudent as well. Especially considering its fully franked.