Straight greed.
Why accept a management fee as a % of a $440m portfolio when you can get a management fee as a % of a $600m portfolio?
Added bonus, is that they get to shift some wealth from existing unitholders to our "wholesale buddies" and all the out-of-view benefits that that entails.
If there are so many fantastic investment opportunities, why not shift the existing capital around to maximise returns to existing unit holders? 5.1% annualised return vs target 5% annualised return since inception. Big deal. And now the "responsible" entity goes and issues discounted units to external parties - which qualify for the July distribution - but participants in the UPP don't.
The ****ing greed never ends.
Ann: Trading Halt, page-14
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