Buyback, page-3

Wilson Asset Management (WAM) is the portfolio manager of Century Australia (CYA), they replaced Perennial on 18 April 2017. Interestingly, only a day later on 19th April WAM became a substantial holder in Wealth Defender. It would be ironic if WAM again replaced Perennial as a manager, though I doubt this is the WAM strategy. Perennial appear to have been removed from CYA due to underperformance vs the market. This time the issue is more around structure than Perennial equity performance. Current NTA is $0.93 thus discount near 5.5%. It has been narrowing, perhaps on the back of related party buying.