Ann: Net Tangible Asset Backing, page-41

I have never been able to get a breakdown of fees and that has been my concern. I think the JV partners agreed to this with PSRE and they are paid the net amount. My reasons for getting out was that on Property there is a fee to PSRE and then on top of that there is a fee to Contact plus an upside fee on performance. It looked like double dipping to me.

I still think that you may do well in this investment as there is always a greater risk in property development and greater rewards as well. I just think that if I want to take that risk its better taken in investing in a company that is a property developer and management is internalised. Then the greater risk and reward is fully accessible.

Its whether you are happy with the fee structure as I see it. That for me was the largest issue and I have griped about it for so long that in fact, they have every right to say to me that I should sell out if I don't like it. That was my position and I decided that BKW fitted the investment anyway so I rebalanced and am waiting for more weakness in BKW.