I agree with the above.There are some real inconsistencies...

I agree with the above.

There are some real inconsistencies here.

Good
1) They are doing a buy-back - I think this is great as the discount is large and the manager performance has been poor.
2) They have said all along that they are interested in long term performance and there returns will not reflect the index. They have defended their picks by saying that the earnings have largely meet expectations but the share prices have not moved accordingly. This is a sound argument and I tend to agree.

Bad
1) continue to pay dividends / Why are they giving me my capital back when the investments are falling by 20%? I would rather them use this capital to increase the size of the buy back or buy more of their investments as the price falls
2) What about the gearing? This expires shortly - Given the volatility and the investment strategy of the new manager this should not be a geared fund. This will have to be addressed. Either sell down assets and pay out the Notes or do a massive rights issue at a deep discount to asset backing to reward long term shareholders. But this would require putting in more funds to benefit.

Not sure

Is the investment manager related to one of the directors ie his son? mmm. Would he be the investment manager if he was not the son of?

Anyway I don't think I can sell right now and if I didn't own any would probably be buying a small amount at these prices.