agm, page-2

Didn't attend but read the text and reviewed the slides...take aways were:

- we remain profitable...encouraging

- winding up of some funds will be out till 2010, thus revenue keeps coming in

- strategy:
* no information, other than a paragraph which said nothing
* a reference to long-short and distressed securities fund, but no detail

- comments like EFG were not immune to the GFC is so overused by EFG and becoming offensive
* by 2010, sounds like they will be managing less than a quarter of what they had previously
* they are trading at less than cash in the bank: negative enterprise value
Thus, "not immune" = "decimated", "destroyed capital" over the past 12 months

- Transparency!!!: what is the current cash balance, will the company make a profit this year, details about strategy (it is not as though they are the market leader and have to worry about being emulated!), details about performance

Big strategic questions need to be answered:
- if you trade at less than cash in the bank, then:
* close the business and give the cash back to shareholders, or
* sell the business

Alternatively, establish a clear strategy and invest.

Having said all that, anything less than 10 cents is below wind up value IMO....so, I hold.