LRF should take this as much as a big slap on the wrist as an...

LRF should take this as much as a big slap on the wrist as an endorsement. Clearly the Weiss approval was razor thin, although the Carrousel one was more clear cut (understandably so since at least LRF could show that the 15% discount was within historical trading range at times).

Initially I was surprised that Resolution 3 was also voted down, but had second thoughts and clearly was in Unitholders best interest:

* LRF can not buyback and cancel at their wish. They need to continue doing this on-market, supporting the SP;

* While units are in the fund distributions will be higher;

* Placed a stronger onus on the fund manager to sell the units (rather than take the easy way out and cancel them);

MJS