Hi.Have a look at RPF. Check out the change of director's...

Hi.

Have a look at RPF. Check out the change of director's notices. Greg Kern has doubled his shareholding from 500K to 1 million shares.

That is someone in management putting their money where their mouth is in the pub sector. RPF is an internally managed pub fund. RPF's pub valuations are very aggressive compared to IEF.

NLG are poor tenants (NLG's share price says it all) and the Hedley group have defaulted on all of their pubs.

It could be worse for IEF, but its still pretty tough.