Ann: Net Tangible Asset Backing, page-38

The original prospectus (Pg 35) states that the management agreement is for an initial period of 25 years from January 2004. The manager may terminate the agreement for any reason after 5 years, but for the company to terminate it requires the manager to be insolvent, in breach of its obligations under the agreement or having its licence suspended / cancelled under provisions of the Corporations Act. I'm not a lawyer, but my interpretation is that poor performance is not a sackable offence.