I spoke to AEF management today to try and get a better explanation of the unit pricing issue.
I was told that there were actually 2 issues found to be affecting the unit pricing. The first was covered by the provision made in the last FY report. The second problem was found in the course of investigating the first issue, and the adjustment for this was covered by the update released in October.
The provision made in the last FY report still needs reconciliation to the actual final calculated quantum. The provision made in October is accurate and final.
I am now satisfied that there will be no further ongoing adjustments rolling into the future.
The $1M provision already made for the consultants costs is also adequate. I made comment on how high these were and was informed that the fund status needed to be recalculated for each individual change in the funds under management that occurred over a four year period. So quite an exercise.
So my interp of this is that the first half yearly will be impacted by the one-offs, but the 2nd half should have clear air.
Gosouth
AEF Price at posting:
$88.00 Sentiment: None Disclosure: Held
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