Management selling out at 26c below asset value per share and...

Management selling out at 26c below asset value per share and think this is a good deal for shareholders! The winners are management with a $4.5m termination fee paid out of shareholders funds for overseeing a 41% decline in share price in 2011/12 vs 27% decrease in assets and IMC paying a bargain basement price to increase their shareholdings in Atlas and Millennium. Definitely very cosy arrangement.

Rough numbers from annual report
Shares on issue 115m and Net assets of $109m of which
$49.5m listed
19.5 unlisted
9.5m con notes and other debt
26m cash

So cash and listed shares roughly 65c a share which could be returned within 6 months to a year and remainder sold over a year or two. Also dividends and interest will still accrue so this should cover managements $2-3m in fees over this period.