t thought it might be a reduction in shares of 1/6 th (0.2/1.20)...

t thought it might be a reduction in shares of 1/6 th (0.2/1.20) and a capital return of 1.20 for the one in 6 shares returned. So CGT related to the share price not the average return. Great if it is 0.20 per share for CGT.

what I was expecting the share price to be 1.20 after the capital return, number of shares to be reduced (5 for 6 share currently held) and if the business can generate revenue like it did previously (without WAM) then earning per share should be very good. I guessed the reason for the capital return rather than bigger dividend was the franking credits were all used up in the business. While share registry rationalisation was the objective in the shareholder presentations this is probably the most tax effective way for the large investors to monetise the WAM sale and access returns from the business without % dilution in ownership. The dilution starts again with the revised constitution and incentives - all good as long as there is share price appreciation for all shareholders’ quite enjoyment. I guess that depends on what’s next. In the recent presentations - Like the statement that euroz has good counter cyclical investment record. While being strong through the cycle is good - just being marginally profitable this year and framing that as a positive was not the message I was expecting from the best of the best.

still like the stock and think they will work some opportunistic deals to bump up revenue - just some observation.