"For the period to 30th June 2019, the Company reported a pre-tax loss of $2.548 million and a net loss after income tax of $1.779 million. The FPC portfolio depreciated by $0.006 cents per share in the 2019 financial year. An investor who invested $1.10 AUD in the Company on listing finished the second full financial year at a Pre-tax NTA of $1.0733 (FY2018 $1.0884) and a Post-tax NTA of $1.0858 (FY2018 $1.0917)."
So despite a financial year where the ASX200 increased 5.5% plus dividends while FPC lost millions of dollars and the portfolio depreciated in value, the board is "very pleased"?! How can we have any faith in this board or the fund whatsoever?!
No wonder so many shareholders voted against the report. The sooner management liquidate the assets and wind up the fund the better.
Not like the chairman has much skin in the game though with only 20,000 shares as he admitted at the AGM today.
FPC Price at posting:
93.0¢ Sentiment: None Disclosure: Held
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