"the PMC Board has been actively monitoring manager performance, investment markets and the share price discount" "the Company’s recent negative absolute returns appear to have exacerbated the share price discount to its pre-tax net tangible asset (NTA) backing"
Actively monitoring? PMC has underperformed its benchmark for the past 10 years! That's why it's trading at a well deserved ~18% discount.
The buy back scheme has been announced more than 2 years ago and yet 0 shares have been purchased back. Management is avoiding reducing the size of the fund to preserve their fees (performance fees are long gone). Issuing options is the only way they can raise funds (and increase fees) since no one would invest in PMC at NAV.
I can only think of one international fund with such a dismal track record and it's Antipodes - ironically started by an ex-Platinum employee... But at least they had the decency to change the fund structure to an active ETF so shareholders could withdraw their investments at NAV.
If they had any sort of ethics they would offer a way for shareholders to redeem at ~NAV - off-market buy back at a small discount or change of structure (active ETF). Clearly the end goal is just collecting fees.
PMC Price at posting:
$1.20 Sentiment: None Disclosure: Held
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