At times over the last year I have often thought the wind up...

At times over the last year I have often thought the wind up route would be better.

I am thinking now with the WAM branding a realistic target might be that they get to a 15% discount this year. That might be better than go through some of the complexities in winding this up.

I have just been frustrated seeing about a quarter of the fund sit in cash, would have been nice if they simply made a capital return for this months ago. I guess the problem is that would have annoyed WAM.

In terms of the board, one thing to consider is I think from memory Miles Staude went on with no remuneration, and he would have spent a heap of time working on this. So on this occasion I would accept it when he claims his interest is aligned with other shareholders. (often boards claim this with alignment where in practice little exists).