panel publishes reasons, page-11

Bottomfeeder, those two arguments you put forward are invalid.

Firstly, "share price" and "value" are two different things.

And as Buffett loves to say, "If they were the same, I'd have ended up being a bum in the street waving a tin can". With microcaps, this difference is quite often magnified to a mouth-watering extent.

Secondly, the dollar retained by the business which is not paid out, goes towards the acquisition of further assets (which will not assist the asset position of the Class A's, only the asset position of the Ordinaries.) This is happening even as we speak.

Those further assets are deployed with the intention of generating, on a risk-adjusted basis, an additional stream of income.

This additional income will (in all reasonable certainty and virtually in its entirety) accrue to the benefit of the Ordinaries - either as a paid dividend should the A's receive their lawful preferential entitlement - or be held back by the company for even further reinvestment, again, for the benefit of the Ords.

So be under no illusion: The money is indeed being transferred from Class A's to the Ordinaries.

How can this surplus be banked?
(i) By the recommencement of Ordinary dividends
(ii) By the payment of Special dividends or by a return of capital
(iii)By the windup of the company
(iv) By sale or takeover of the company
(v) By a buyback of the Ords.

Ultimately, the share price WILL tend to reflect this, but will probably require shareholders as a whole to trust the Board before that happens.

If the Board has no intention of returning the cash to Ordinary shareholders, the intrinsic value is nonetheless accruing to them. The Board, with their personal holdings, are in the same boat.

The trick for all shareholders is to keep them in the same boat, and not have them snatch the oars against our will.