This company has gone from one investment mandate to the next with Wholesale changes at each step.
Its management are just out to milk it dry. Its a patent disgrace.
First Fat Prophets diversified investments - effectively an LIC
Them on to Merricks who tried 2 completely different 'high conviction' investment mandates and cocked both of them up completely. Lost millions with no accountability, just changed the name on the door, and changed some more fees.
Now on to AWI and this bunch of defunct investments, all bought from motivated sellers who knew when to get out (asap). I know one of the investments they are in is a total charade that will most likely be worth nothing once the rhetoric is scrapped away - earnings = $0.
Management dont care, they can just keep getting paid until the cow is dry. Not a bad plan on their part I suppose. Easier than trying to mix it with real fund managers and earn an accountable living.
Agree with deadfish - SHUT IT DOWN.
AWI Price at posting:
18.0¢ Sentiment: None Disclosure: Held
