Well if I am suspicious I would suspect that it leaked but only...

Well if I am suspicious I would suspect that it leaked but only a very little...

Not much in it anyway.

Not sure how I feel. I think it has positives:

1 Realising that control is not always the best outcome nor is having 25% sometimes you can ride a bigger wave or a few waves with smaller investment parcels.
2. Looking at Glennon capital's website and GC1 the listed entity - I have a great deal of respect for Michael Glennon - I think he started GC1 around the end of July 2015 when the index was around 5600 today it is around 5400 yet he took 97c ( after the raising costs) and its $1.05 before tax and has paid a fully franked 3.75c dividend in the space of just over a year...
3. If you look at the Glennon website he has been doing his stuff for a long time and doing well. Most of his career is running larger portfolio's it seems.
4. The return has to be a lot better than cash.
5. Realising that now is not the time to invest in electrical supplies - greater competition and weak demand - I am extremely glad they did not run out and amass a whole lot more of the same.
6. My experience is that each company needs renewal so appointing a new manager to the electrical business whilst possibly retaining the past leader as well looks like a good outcome. I could not understand why this company had such a highly paid CFO for what was running a bank account and a medium sized business. So I think that overheads should be less after this and hopefully the management of the investments would be a lot easier as you are tapping into a manager already set-up.

So generally I am happy although not sure what the performance will be only thinking it must be better than cash.

Negatives:

1. Is now the right time to be getting out of cash ...
2. Uncertainty around the size after the buyback... about $22 million cash and a business - is this really what a listed company should be ???
3. Its then neither a LIC or a business operator.

After all of that I think at least its got to have a chance of doing better than now. I think I will give it a run for a period and see how it goes. I dont have much in my SMSF in it so the idea of the 27c dividend is not too attractive.