Price inefficiency with locked Registry, page-2

thanks. I've been a long time holder, bought at 6c in March 2009 and sold (too early) above $4 and then out at $6. Did repurchase modestly at $3 or so thinking it looked attractive. The results weren't great considering they are supposed to be a hedge fund. Looks like they have hedged in the bull run, but lightly hedged on the way down. So underperformance never good for a fund manager. However, the absolute result and decline in FUM was seeing the worst of the US market. Its since rebounded. SP at $1.27 seems to ignore the natural stickiness of clients and their dividend paying power. I suspect we may have seen or are close to the lows. I can't see a repeat of the lows of 2009 because back then they were heavily geared and their annual depreciation charge dusguised the true cashflow to many investors.

I'm a buyer, although running too many other good situations to commit large amount at present.