This is shaping up to be almost good enough to write a book about. About the worst performing small company fund manager over the past decade is teaming up with others to try and gain board control of a company that has the potential to provide yet more management fees to the new directors. Not a good look that the non-exec chairman is chair of both companies. At least being a public company article 54 can’t be used at a board meeting, it needs a shareholder vote.
It’s ironic that the director GC is targeted by a company with code GC1.
one for a Netflix series later on?
I did look at GC1 a few months ago as a possible value buy, but I saw that MG managed to take a performance fee of over $300k (from memory) on top of his invt mgt fees, because within the 10 dismal years of losing money there was just one positive one where he beat benchmark. Lost interest at that point.
GC should consider replacing MG at GC1 with a better performing, less greedy investment manager. A two way battle!
Disclosure: I don’t own any shares in GC1 or SEQ.
SEQ Price at posting:
51.0¢ Sentiment: None Disclosure: Not Held
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