Ann: Sale of Funds Management Subsidiary,TDX-CTN.AX, page-5

Despite what the management say, there is two ways this could go. There are two ways that this could incentivise the new fund manager owners:

1. Increase FUM by actually performing and increasing shareholder wealth, through increasing NTA.

2. Increase FUM by screwing the existing shareholders and issue new shares at less than NTA - thereby transferring assets to their new shareholder mates.

Option 1 would place them in the minority. Having directors in both management and fund companies makes this unknown.