At the time of the Northern Lights merger WHV was presented as an "investment platform" managing $11.9 billion - about 50% of total Northern Lights FUM. A cryptic note in the merger announcement (5/8/2014 - p.8) says that for WHV there is a "profit share arrangement" - whatever that means.
That arrangement ended up not working very well - in the Feb 2015 half year profit presentation (26/2/2015 - p.7) there's an unusual comment: "Since merger completion, no dividend paid by WHV. Discussions with WHV continuing"'.
In today's results and in the latest FUM announcement WHV is not mentioned. I must have missed something - does anyone know what's happened to the vanishing $11.9 billion?
PAC Price at posting:
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