Finally. It took awhile but the inevitable has been announced....

Finally.

It took awhile but the inevitable has been announced. One "lucky" buyer seemed to have got $50k or so shares around 15 cents yesterday. Seemed to go weeks and weeks barely seeing a cent traded. Then an afternoon before the announcement...

Wonder how Nicholas Bolton is thinking? Probably not that happy to lose control. Yet he already lost control I suppose recently with the issues he was facing. Maybe therefore he will be fine with this restructure. I doubt though he would like the idea of getting rid of his shares at NTA and not taking advantage of the tax losses inside KBC. So maybe his best course of action is to sit tight and exit further down the track via the new vehicle?

Not a whole heap of info provided yet about the future direction. Feel though at this stage I will most likely try and stay the course with whatever Wilson has planned rather than sell shares on market or into a buyback. Maybe longer term they will try and merge this into WAA somehow which is a rather small absolute return fund in the Wilson stable?

As to what the real NTA is now it may not be that clean. Aurora maybe needs more write downs and are there any other skeletons in the closet? On the balance of probabilities though today's 18 cents might be on the cheap side still. Other key holdings for KBC include CSE, PTB, MEL, MPO. The first 2 look quite strong through this calendar year, especially CSE. Whilst MEL and MPO are at least stable or better I think.