Hate to say but when a cornerstone investor or THE cornerstone investor exits everyone else usually follows in time. Next 12 months. MFG 100% now requires a Restructure.
This will survive but it will look more like Perpetual than a 2 and 20 shop upstart managing 100 Bullion. More a Hedge Fund than anything else.
Mr Hamish has made a lot of money so does he care not really. Like Kerr.... they keep all the jellybeans for themselves even though they are pretty damn average or below average fund managers actually.
Extreme arrogance ALWAYS hides true character.
Years ago same thing happened to 452 Capital...where is that today ? Babcock and Brown, Bluesky....there is a slew of precedents.
But as a publicly listed company I must say the transparency frpm MFG is appalling...ASX ? Should but won't suspend the stock until an urgent restructure can take place or this is simply Short Bait.... Monday morning and much like Babcock and Brown.....remember them ??
The Aitkins public sordid little tale and this. Our super fund managers are such wonderful people. I'd say a few bankers at MFG and Barranjoey will have less or no bonuses also. Every dollar vital now.
No one pulls $18bil unless they know something more than us.
Key Insider jumping ship. Not good.
MFG Price at posting:
$29.36 Sentiment: None Disclosure: Not Held
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