Ann: Full Year Statutory Accounts, page-4

I fail to see why ASIC would step in. The fact is that management has not broken the law (that I am aware of). While I agree with your general comment about the investment, ASIC cannot step in due to investor ignorance. Fee structures etc are fully disclosed. I see it as an area of investor/advisor education in that they should not invest in onerous fees structures.

These types of vehicles (largely owned by clients of one group) always have the very real potential of trading at a meaningful discount if investors start selling and there are no or few other significant buyers around. Retail investors become impatient at times and leapfrog each other to get out, often on low volumes. This investment in due course will represent a good opportunity.