re: Ann: Half Year Results Presentation and R... The market is punishing PTN because of its unworkable business model and unimaginative management.
It's impossible to earn a decent commercial return as structured.
Powell and co must go and the management rights must be bought back from LLC and stapling must proceed.
These three changes will get the SP back to close on NTA.
But it will never happen and here's why:
Powell and Co are in a great position to milk this cow whether it makes profits or not. They're on track to earn $6m in fees this financial year!
They have virtually no accountability and there's really no voice of opposition.
Just compare the amount of communication and transparency with others in this industry! It's scandalous!
$3m for the half year in fees!
The only way to view PTN is this: the public invested $576m to buy assets on which they get a zero return but which the Responsible Entity (what a poor name choice!)receives fees based largely on the gross value of the assets.
No wonder PTN is the joke of the retirement industry...or are they really laughing at us chumps who fronted with the dough?
Ann: Half Year Results Presentation and Report , page-3
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