Given this is the April report and it doesnt take into account...

Given this is the April report and it doesnt take into account giving 50% back to WEG I think they will have to look at significantly more than a 17% writedown by the time of resumption of trade - maybe double it to 35% which is more in line with my 14c target.

The change in asset value included a 17.4% downward adjustment in the assessed value of the Fund's holding in Pluton Resources. Until 14 April, the value of the Pluton Resources holding in the Fund had been based on the price at which shares last traded on 23 January, before a series of voluntary trading suspensions. Fund pricing was suspended initially in anticipation of a resumption of trading on 23 April, in accordance with the latest advice from the company at that time. As it happened, no trading
occurred in April. Consequently and to resume daily pricing for the Fund as soon as possible, directors of the responsible entity decided to revalue the Pluton Resources
holding to take account of recent market conditions.

On 1 May, Pluton Resources announced it had finalised a funding package and a joint venture agreement. As well as being important development milestones, these had been
preconditions for receiving audit approval for its December 2012 half year financial accounts. The company has said it will ask for the ASX trading suspension to be lifted once audited accounts are lodged. Meanwhile, the company has advised that shipments of iron ore from Cockatoo Island have been occurring as scheduled at a rate of one shipment a month.

Of the 19 stocks in the portfolio, three made positive contributions and 16 detracted from the investment return. The largest losses came from Kalnorth Gold, Pluton
Resources, NuCoal Resources and Kasbah Resources. The largest gain was made by BassStrait oilfield developer, 3D Oil.


Full EIM April Report click here