re: Ann: Preliminary Final Report and Annual ...
The "Mandate" was never approved by shareholders.
"We do discount winding up the fund" that would mean an end to their management fees. I suspect most shareholders would be happy to take their money off the table if they could get anything near the NTA - even without the franking credits. Sell everything - capital return = no tax payable on capital loss.
Communication with shareholders - 1 out of 10. Poor effort. 1 report in more than 6 months despite their so call extensive due diligence. If its so extensive - report on it. That report is 2-3 hours work at a maximum. There is no excuse for poor shareholder communication. If we understood the investment case better we might be more supportive.
All experience tells me to take the loss and exit - never invest in poor or dishonest management - but I hate leaving cash on the table when NTA is so much higher. I'm sure I will rue this decision.
MEF Price at posting:
39.0¢ Sentiment: Hold Disclosure: Held
