Would liked to have remained a holder but the performance fee...

Would liked to have remained a holder but the performance fee (bonus on top of remuneration) charged by the Company's manager (Propel Investments Pty Ltd) is way too steep. Not hard to increase revenue by 8% annually when also increasing debt. The bar is set very low.

- Operating EBIT 12 million = 7.9 million after performance fee removed.
- Performance fee 4.1 million (more than a third of operating EBIT)
- PCP operating EBIT 9.6 million = 1.7 million more than current period when accounting for
performance fee (bonus)
- Dividend of 4 cents / PCP dividend 5.7 cents (down almost 30%)

PFP has the potential to be a winner but Propel Investments Pty Ltd (employed by PFP to manage the business) is milking the profits. Disappointing.