"Could this woeful IP performance be partly explained by corporate expenditure coming out of the “cash assets” perhaps? (advisor fees etc?). Just trying to reconcile how it could be that bad. Almost skilfully bad."
Looking at the performance over the December quarter, at one point I thought it might have been the dividend that was paid, but then I realised that happened in September and, anyway, it wasn't a sheep stations amount (a touch over $1m).
Besides, there should have been cash inflows from operations to more than offset that.
So if one accounts for the cash inflows that would surely have occurred, then the conclusion is that the underlying investment return is even more pitiful than it prima facie appears.
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"Could this woeful IP performance be partly explained by...
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