Ann: Appendix 4E and Annual Report, page-3

Hi Tim,

The annual reports actually lists their performance after fees in two ways. It provides total shareholder return, based on the share price, and also the performance of the NAV on an after fee basis. You simply have to navigate to the performance section of the annual report. It outlines three performance metrics from memory.

Unfortunately, this is the only real avenue to find post fee performance. As you have alluded to - Wilson Asset Management love to only use pre fee performance figures everywhere else. An old school and extremely outdated practice.

Lastly, yes they are simply nominees holding on behalf of holders who hold the beneficial interest. Nothing out of the ordinary. Individuals holding legal title of shares is kind of peculiar to Australia. Elsewhere in the world, such as the US, shares are predominantly held in trust via a nominee. Even in Australia, if you find a broker offering very cheap brokerage, such as IG markets, Superhero etc. they are actually using the same nominee structure - which is why they can offer cheap brokerage rates.