Verve, to answer your question....nothing really. This current fracas doesn’t affect the buyback at all. The real concern and discussion point is that what is happening to the 20% buyback should (if the manager can’t effectively manage the funds for a decent return) (which he has shown NOT to be able to do), happen to the other 80% of the fund as well. What David Kingston is saying is that a 100% buyback, a unit trust where investors can sell out at NTA, or an amalgamation into another structure, is the only way that long suffering investors locked into this underperformer, are going to get their money back at anything like NTA. IF Wilson were to take the fund under his wing, IF, then he would get rid of a lame duck of an investment officer, get more funds under management, thereby increasing his commission and make most... ALF SH happier investors. He has done this before amalgamating a fund into WLE with positive results. The bottom line is, that ALF needed a shake up and JB along with it, and any change has to be for the better.
ALF Price at posting:
99.5¢ Sentiment: Hold Disclosure: Held
