You essentially have VGI with a significant portion of FUM held captive in LICs and a listed management vehicle which is appealing to Regal.
At the same time, the company and its director is now synonymous with collecting performance fees whilst investors lose money.
Sadly, no buy back is going to make up for horrendous performance. I think they are right with respect to Regal having a different tolerance level of subpar performance.
Although a merger is not the best outcome - anything is better than the current state.
Luciano needs to prove himself or he won't just be answering to angry shareholders - I am sure Phil will have a clear word.
VG1 Price at posting:
$1.75 Sentiment: None Disclosure: Held
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