Ann: Investment Update and NTA February 2022, page-13

yes, the SP generally falls by an amount greater than the div !!! By how much is the question….. That depends on the demand for the shares and the reason for the demand. It may be a long term holder who sees good performance in the SP and a discount to NAV who is prepared to take a longer term approach… OR an investor who is in effect a dividend “harvester” who wants the divvy but wants the SP to resume its pre div price. If you are a long term holder and you believe in management and there is a discount to NAV, you shouldn’t be overly concerned; Especially as Karl has over 22 million reasons more than you to make the thing work. My wife bought CDM at 58 cents in 2019, Karl was an active buyer then too. But longer term investors will remember the Melbourne IT fiasco, and that dented confidence (and the SP). Management has learnt from this by investing in companies with greater capitalisation and now reaffirms how quickly they could sell the majority of the PF (as opposed to being locked into small capitalisation companies with poor liquidity). Hopefully I have answered your questions.