Ann: Annual Report to shareholders, page-2

"Whilst the fiscal year 2018/19 was challenging year, the board is very pleased with the Manager’s adherence to the stated goals of the investment mandate to build and actively manage a portfolio around high conviction contrarian ideas. Angus Geddes, our CEO has detailed the investment and
portfolio performance in his letter “Investment strategy from the Manager” to shareholders and I would also encourage you to read this thoroughly.

Financial Results
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?! Disgraceful.