From last year's annual report the top 20 shareholders (incl...

From last year's annual report the top 20 shareholders (incl Karl) own just 18% of issued capital, a lot of which are SMSFs. I'm sure everyone is equally frustrated by CDM's market underperformance (by a big margin) and don't think it would be too difficult to get groundswell support for having the fund wound up, or some other mechanism to drive value for shareholders.

I agree with Bacci - the independent directors need to unemotionally assess the viability of continuing the fund in its current form versus an alternative that can provide a pathway to value for current shareholders. Options include the liquidation of the entire fund or delisting it such that an exit can be achieved at NTA. While they're at it, they might want to challenge the investment team on their mandate to maintain positions in stocks (read ARQ) in the face of severe and sustained downward momentum.

I can't imagine the recently initiated buyback is going to do much to reduce the discount to NTA and besides, they'll have less firepower as a result of ARQ declaring they'll not be paying a H1 dividend.