This is from the April newsletter from Merchant Funds CZDs...

This is from the April newsletter from Merchant Funds CZDs largest shareholder. More a comment on David Williams.

The main contribution to the Fund during the month of March was as a result of the increase in the share price of Calzada Limited (ASX:CZD), one of the Funds’ largest investments. March saw a board restructure and appointment of Mr David Williams as Chairman to replace Dr Roger Aston whom maintains a presence on the board as a Director. Mr Williams is well known in investment circles as the principal of Kidder Williams Limited, a Melbourne based Corporate Advisory firm and we look forward to working with David, to realise the true value within Calzada in the future. David’s recent transactions have included advising Bega Cheese Limited on their bid for Warrnambool Cheese & Butter where Bega made over $100m profit in the transaction. David also invests personally as can be seen by the transactions & IPO of Tassal Limited (TGR:ASX) and Medical Developments Limited (MVP:ASX) where he maintains large personal shareholdings. Known for getting his hands dirty and extracting value for shareholders (as an owner and an advisor), we expect his appointment will continue to yield results beyond the recent share price increase.

Something to keep us amused while we(shareholders) wait to be brought into the loop re what the plan and progress is at CZD.

http://www.merchantgroup.com.au/storage/MOF%20Newsletter%20-%20Mar%202014%20Final.pdf