entitlement offer, page-10

I'm thinking this co looks brilliant from the perspective of the unfranked dividend yield. The gearing is not great - but better now. However the management structure and incentives are ridiculous. Why is there an incentive for management to churn the trust's investments? The necessary deleveraging of this trust will lead to a further fee circus for the management as they juggle things around.

I agree that there is a good performance incentive where they need to beat the ASX accumulation index, but this incentive is completely unobtainable and there would not likely be any serious contemplation of making up the gap that is currently in place.

I think the management should be internalised for the sake of all stakeholders.