I have always thought they have been milking this business for...

I have always thought they have been milking this business for what they can. They know their fees are very high and noncompetitive. I'm not sure how easy it is to have radically different sets of fees under the same brand name, but suspect it is very difficult. They can either drop their fees and gain more business, or keep at it the way they are. They have decided that if investors are staying they can make more gradually shrinking the business than by cutting fees and risking tipping the apple cart over.

Maybe there will come a point when it is more economic to cut the fees and grow the business. But maybe that will never be economic unless this business is in other hands, and can somehow keep making Manchego (milking the sheep), but add some new clients.

So if you are in this, and have done your sums - take your shrinking dividends that you have calculated are worth more over time than the SP and be happy, but don't expect growth. Be happy if a takeover comes along, and somebody sees value in the brand.

All IMO

I shorted it today - after last nights news I had dreams about PTM being in a casket surrounded by mourning shareholders on their knees praying for its soul - lol. I don't think the worst month of flows (in my records back to 2012) is a great omen for the immediate future, however maybe it is factored in now. Good luck to all.