Wasn't there an article by Michael Pascoe saying it was one of the strangest things he has ever seen? If there was legal advice, then surely he was conflicted and should have resigned as Chairman. Or at least disclosed that. He said, IIRC, he will simply abstain. That is a big difference. Anyway, heresay, although I am sure your recalling of it is accurate.
I am loving this stock for the story is has become. Every day there is more intrigue. The fund manager not disclosing their FUM, how much cash is left, burn rate, new mandates won versus withdrawal of mandates. Its true popcorn stuff and in these threads I can't differentiate between CGA and CTN, so forgive me.
My personal belief is that the manager has massively over committed itself on muscling itself up with staff. This was a brave call and time will show whether it was the right call. Unfortunately its performance is so horrific it is actually losing clients, never mind winning any. At present it has plugged holes with new LICs but they are a small revenue compared. I think when the researchers point out it is a real issue for clients that the manager may not be able to carry on as a viable manager that they will lose whats left and just manage the LICs they have. At that point either Geoff or NAOS (good manager btw) or Wilson will call an EGM to roll the board and take over the portfolio management. I might come back in then. The facts are demonstrable that the better portfolio manager was David Stevens, and when he was fired or left or wound down, the portfolio performance fell. Perhaps that coincided with George BooBoo arriving and a new investment approach, maybe that would have happened if DS stayed. Either way those shareholders who voted the old board out and the new board in must be wondering why they did that because it doesn't benefit them as shareholders and never really looked like it would too.
The good thing is there is plenty of volume in this to trade short term. I would like that in some of the LICs I invest in
Ann: Director Resignation, page-20
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43.0¢ |
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Mkt cap ! $62.71M | |||
| Open | High | Low | Value | Volume |
| 43.5¢ | 43.5¢ | 42.5¢ | $81.38K | 189.1K |
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| No. | Vol. | Price($) |
|---|---|---|
| 6 | 88406 | 42.5¢ |
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| Price($) | Vol. | No. |
|---|---|---|
| 43.5¢ | 99322 | 1 |
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