we should aall email d.stevens, page-3

That won't happen!

Firstly because they are incompetent investors as demonstrated by their inability to cope with the GFC in anything like a professional manner. They failed to capitalise on the tremendous opportunity offered since March 2009 by simply picking up SPP issues rather than investing on the basis of value.

Secondly, they demonstrate no interest in their investors as demonstrated in their shameful gun-at-the-head fee grab through the latest unjustified SPP. Unjustified from an investor perspective but fully justified if your only interest is to increase, by any means, the total assets under management and thus the fees.

The outrageous 2c dividend is further evidence that they do not intend to do anything meaningful about shareholder value - fees are everything. The NTA gap will stay because it suits their purposes.