Ann: COVID-19 Update, page-9

I understand the defensive appeal of that particular industry, with factors like the aging population of baby-boomers. The problem with this company I believe is with the business model and debt levels. The "management company" sets its own performance targets and when these targets are achieved rewards itself by paying the beneficiaries in cash only - no shares. They are paid (in cash) almost immediately and because they have no equity in the business, the shareholders take all of the risks, but the management company gets rewarded by meeting their self-set goals. I am not sure that this is in the best interests of shareholders, especially in the long-run. I used to be a shareholder, but when I understood the implications of the performance model I sold out.