Ann: Net Tangible Asset Backing, page-46

I don't know too much about the overall share registry but I would presume there are quite a few people holding from the days when ALF apparently had a very different strategy and very different management. There seem to be also quite a few who've bought in trying to get in cheaply and wait for a turnaround that hasn't come (yet). Even putting aside the poor performance the long term holders have clearly not ended up with what they signed up for their capital now being managed in a totally different way. At the end of the day fund managers are being paid to provide a "service" to everyday investors but don't seem to have the accountability for if that service is poor (like most other businesses have to have!)