Ann: 249D Request for Directors to call a General Meeting, page-18

You could be right in terms of saying if I was them, I would sit on the sidelines. It depends a bit on how much work goes into the director's role versus the salaries, also how they may use the money they have tied up in BHD shares if it was wound up.

The problem is most shareholders are not in their position, and probably thinking if only they could have got a capital return of 30 cents back in 2020 and put the funds in an index fund back then. That would probably mean the pirate has had less negative impact on the average shareholder. As it is now, he probably has a chuckle that the small shareholders he left behind have seen 30 cents cash asset backing a share from 2020 now trade below 20 cents last month. It almost seems like not liquidating BHD sooner means previous management have got away with inflicting more damage.

I personally don't mind the idea of holding onto a bit higher cash levels than normal so I agree it could be wise on their (GC1) behalf right now. However to acquire the BHD portfolio may still leave plenty of cash for them anyway, and they probably would describe the portfolio as pretty conservative. i.e. BHD label it as one aiming for capital preservation, deep value, arbitrage opportunities etc.

As for the last 5 years being tough for stock pickers well it has for GC1 and WAM, although WAM relatively better than it appears just going by share price movement given WAM much higher dividend payer than GC1. You might be being a little kind some may see though if we look at total returns of indices such as ASX200, small ordinaries, asx emerging companies index in the same time. Of course that is the tricky part, try and find the proper return numbers in the investment reporting of these LICs, good luck with that.

I don't really understand the bit about you can't shut it down given the uncertainty. Why not, would be pretty simple wouldn't it if shareholders voted accordingly? Couldn't you just as easily argue you should not keep such a high expense ratio LIC listed with the great uncertainty about being able to recover the outstanding debts?