Hi MJS,As a trust, I thought they could only distribute if they...

Hi MJS,

As a trust, I thought they could only distribute if they make a profit? So, although H1 was good, if H2 investment performance is a stinker (and it is well down that path ATM), then the overall there may be little profit to distribute.

I agree it is well below NTA and so appears to be a bargain. But the management of this thing is under the spotlight given the recent dealings, despite it having performed well on a NTA basis over the past year. Even the options conversion process had a bit of a smell about it, and ironically led to Carrousel and/or Weiss becoming major shareholders. Don't forget mgt PAID these guys to underwrite the share conversion option. They could have got the same outcome, and not have the cowboys on board, had they just kept buying back shares to keep it close to NTA which was well above $1 at the time. I would have converted a lot more had the price been $1.10 and not $1.02. But, in their defence, they might have been prevented from the buyback by laws given the imminent conversion.

If anything, I'm dirty (and stupid) cos I predicted the shareprice movement after the vote and had a sell bid in before the vote at $1.44-I got too greedy and should have accepted the $1.40 on offer at the time. Sure would be happy to buy back at this price, had I sold the other week at $1.40!