Just left the FPC AGM. Angus showed up late. There were issues with the slideshow presentation. The secretary didn't know how to record votes. Seemed like amateur hour.
There was a lot of outright anger throughout the meeting at the fund's underperformance.
Shareholders asked Michael Gallagher if he would stand down. He essentially said he would consider it. He was asked if he felt embarrassed. He was accused of being glib in relation to over $1 million losses in foreign exchange last year.
It was asked if Angus should be sacked as the investment manager. Angus talked over people trying to ask him genuine questions. He was challenged that the fund isn't actually contrarian (though it's certainly experienced sharper losses during market downturns).
Multiple questions were asked about whether the fund would be liquidated based on it's severe underperformance to the major indices since inception and ongoing steep discount to NTA.
FPC Price at posting:
93.0¢ Sentiment: None Disclosure: Held
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(20min delay)