If you ignore all the [many!] issues of the past, this actually starts to look like a good investment vehicle.
High management fee, but; 1) it's now being run as a genuine long-short fund 2) buybacks likely to continue (at a discount to NTA) 3) Regal are paying some of the administration fees, so the actual management fee is maybe 10bps less 4) huge profit reserve, so franking should continue indefinitely
Only big issue still is the high management fee, but maybe that gets adjusted if they decide not to pursue the merger.
Getting really into the specifics, but you don't need to worry about TOFA issues arising from the FX hedging on this one. It's more complicated than I can be bothered explaining here, but TOFA on distributions is worth looking into if you're a big user of FX hedged managed funds or ETFs.
VG1 Price at posting:
$1.91 Sentiment: Buy Disclosure: Held
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