Ann: Change of Business, Prospectus, EGM Notice, Share Buy-Back, page-20

Your comments are unfair. As regards Performance of GC1 -" During the month to 31 October 2016 Glennon Small Companies Ltd delivered a gross portfolio return of -3.65%, while the S&P/ASX Small Ordinaries Accumulation Index fell 4.72%. Since inception Glennon Small Companies Ltd has delivered a 29.71% gross portfolio return while the S&P/ASX Small Ordinaries Accumulation Index has risen 22.91%. At the end of the month the portfolio held 36.78% cash."

He has a much deeper business than that - I was aware of his company before they listed and had a much longer track record managing investments for larger clients. I cannot comment on how many people work for the company so have no idea on allocation of time..

I think the horse racing alternative is equally unfair. I have asked a few questions and hopefully I will get some answers.

I still hold my view that the buyback isn't sufficient inducement at all. The price is too low so you are sucked in. I have not decided which way to vote yet.

I would much prefer a deeper understanding of the plans so that I could give it some thought about whether its the correct vehicle. I would like the large shareholder to not increase percentage and a more independent board. Therefore the best route for me would probably be a dividend to all shareholders and keep some money back to develop the electrical business...