Ann: Merger of PAF and PGF, page-10

Yes very cheeky they have a capital raise using the NAV and then they do this merger. In the context of PGF the effect will be small. I do believe that the Fund manager should pay for all the costs of this exercise and if the independent report sees a loss of value to PGF holders then they should make up this difference. Without this I would vote against. The only winners seem to be PAF holders and the Fund Manager. Whats in it for us? All of the below is bullshit
Benefits to PGF shareholders and PAF shareholders:
The Merger is expected to provide both PGF and PAF shareholders the following benefits:
• Reduction of fixed costs relative to investment returns, increasing return per share for any given return
generated by the investment manager;
• No increase in aggregate investment management costs arising as a result of the Merger;
• Increased trading liquidity on the ASX making it easier for shareholders to buy and sell on market; and
• Increased market awareness and following by brokers, researchers, financial planners and prospective
investors.
I will vote against if I can and email the independent director involved