Completely agree. A complete change of mandate, complete change of strategy. Not to mention, fees through the roof, plus a proposed $500,000 termination fee. What we also don't know is what is the benchmark for the 20% performance fee? A near zero cash rate!!!!! Is WCM proposing a market neutral strategy or a net long, long-short product. Regardless, how does this give me income, given this is what the product was to deliver?
This is all about a culpable Board trying to extract themselves from the pile of dung they've buried themselves in along with current shareholders. But this deal is about WCM making money first and foremost from a distressed situation.
I'm voting against this
CIE Price at posting:
65.0¢ Sentiment: Sell Disclosure: Held
