Ann: Change in Portfolio Value, page-7

The last 12 months has seen a very large fall in share price plus a big cut in dividend taking into account the 50% franking credits. Not good at all! My concern is the ability of ALF to pay a reasonable dividend. If the price stays around $1.20 and the next dividend is 3cents, 7 cents for the year would appear on the surface to be good enough, but from where it has come from, price and dividend, this would be a terrible result.
Justin's investment strategy is under severe pressure, and scrutiny, and I am sure he is hoping for a falling market, but I can only see lots of green shoots. Economic indicators are improving. The ALF story will unfold in the next 6-12 months.