Understand your frustration but it is all accounting treatment I'm afraid. (Accountants & auditors make the rules and they all go to rugby union....) Doesn't get away from the fact it's a crappy deal as is and Nisbett, Shear & Keneally will get a serious workover at the meeting in July. I suspect the Independent Expert will as well if they publish a whole bunch of BS at the usual standards of these reports. There is serious brain power on the register of ords and prefs.
Ann: Fund and NAV Update, page-3
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