Ann: MGF Fund Update - February 2021, page-314

As I understand it it has this 10/12 rule. That is a company cannot buyback more than 10% over 12 months and has to give notice of buyback. So my understanding of it is that they can only vary this if the call a general meeting and vote on a specific buyback to up that.

So they could call a general meeting but right now I don't think they want any more public meetings - too much dirty linen out there.

This is a very public washing of your dirty laundry - every day it remains below NTA and the gap is so large it keeps shareholders unhappy and unhappy shareholders are vocal.

I also don't think the way this unfolded has been good for the company or confidence. I sold out slightly higher up and took my pain as I just could not see how it would improve. I bought into it as a value stock and in my case it ended up as a value trap. Just kept dropping. Certainly I am not like many who has seen this keep falling or in MFG.