When the Fat Prophets Fund transferred to MEF at least I felt it...

When the Fat Prophets Fund transferred to MEF at least I felt it was transparent, although it turned into a disaster.

However, since the change to AWK, I have this constant suspicion that things are going on of which I know nothing. It was not clear to me that the new management intended to change this from an investment fund into an "ordinary" company in the financial services sector. That's not what I thought I had invested in.

I am a fairly small shareholder and took up my rights and also applied to buy about 10 times my rights offering.

AWK has had my cash for several weeks and now says they have sold the shares to these faceless "sophisticated" shareholders (don't forget, they sold shares at 35 cents to (probably) the same faceless shareholders a month or two ago).

They say they did this in the best interests of shareholders, especially those who didn't take up their rights. If that is the case, why didn't they make the rights issue renouncable? Those not taking up the rights would have benefited far more from that.

I am very unhappy with the current situation and will be checking the offer documents carefully. Unless these spell out clearly that this was going to happen, I shall be complaining to the company and then the ASX. The definition of "shortfall" maybe important here.

In the meantime I have sold all my shares. I do not trust the new management.