They wind up the LICs - the listed management company goes to zero. A lot of LIC holders, myself included, are holders of VG1 through the alignment shares. There is no easy out.
I am sure Regal are negotiating with words to the effect of, 'take it or leave it'.
The thought of both VGI funds being subsumed into RF1 is very appealing - until I realise what this would mean for RF1 holders. I don't think they would be too enthused to see the current VGI stable of stocks into their fund.
I would love to get inside the brain of Luciano. Part of me sees a talented investor, and the other - someone who seemingly can't work with others... and the source of ongoing conflict.
Most people here are invested for capital protection and the rate of return guidance. They haven't delivered on either.
You now have a long list of 'star' stock pickers with their reputation in tatters - Luciano, Douglass, Clifford... and yet none have made any substantive changes to the way they do business.
VG1 Price at posting:
$1.66 Sentiment: None Disclosure: Held
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