Circle the wagons, page-4

Hi Oatmilk, if you had been looking at DBF you would have already read some of the threads here,
cocky refers to DBF as a value trap and so far he has been proven correct, the question of why it
is so heavily discounted has been discussed in those threads

I have never met our board or chair, Ed strikes me as a nice bloke from what I have seen on conference
calls and presentations etc, he doesnt come across as the kind of bloke who would work against holders
interests even though duxtons managements interests are not always aligned with most shareholders

A question was put at the last meeting that was basically if the discount to NTA was not resolved in the
coming years would we be able to vote against renewing the management contract and closing the
company down, anyway it was something along those lines, one voice from the board was heard by me
to agree with this question, that is my line of thinking as well, if we don't even get close to achieving something
resembling NTA then why would we extend the management contract, that is of course if shareholders
are not minority interests by then, if RM and ED hold a combined majority interest is it game over so to
speak for the rest of us holders, I know I am not alone with this concern and you have stated that in your
post as well, this all goes into why the share is so heavily discounted to NTA, these concerns also allow
RM to keep creeping his stake without pushing the price up, its self fulfilling, the higher his stake gets
the more concern over the size of his stake drives the price lower, we only have to see how this plays
out by looking at AACo and its perpetual discount to NTA

anyway, it will be interesting to see who bought and sold that very large stake

cheers grant