Despite what the management say, there is two ways this could go. There are two ways that this could incentivise the new fund manager owners:
1. Increase FUM by actually performing and increasing shareholder wealth, through increasing NTA.
2. Increase FUM by screwing the existing shareholders and issue new shares at less than NTA - thereby transferring assets to their new shareholder mates.
Option 1 would place them in the minority. Having directors in both management and fund companies makes this unknown.
Ann: Sale of Funds Management Subsidiary,TDX-CTN.AX, page-5
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