perplexing, page-5

The sale of PIF assets to ARL in exchange for ARL shares stands.

It was only the transfer of ARL shares out of the fund and into unit holders names that was stopped by ASIC's appeal to the Federal Court.

Don't believe me? Read this http://www.timebase.com.au/topics/2013/06/05/asic-v-wellington-capital-ltd-2013-fcafc-52-responsibile-entities-and-managed

Our PIF is still the proud owner of 830+ million ARL shares. ARL will flog off the assets and hand the cash to Perpetual. It will be down to WC to explain to us why the assets got sold for so much cheaper than the Wellington Capital valuations that can help WC get such a fat commission. Hence, the bungled rush by WC to cut and run just days after the Full Federal Court's decision on 28 May.

The bungled attempt by WC to resign last week was probably motivated by WC desperately trying to avoid being the one that has to break the news to unit holders about the fire sale value of the assets.

I hope I'm wrong.