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WLS - WCM Global Long Short

System

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Contango Income Generator Limited (CIE) is an investment seeking to provide diversification through a portfolio of approximately 30-40 ASX listed stocks predominantly comprising companies from the small and midcap universe.

It is the Company's dividend policy to pay a minimum of 7.0% pa of the value of the Company's Net Tangible Asset (NTA) value per share prevailing at the start of each financial year. Dividends will be franked to the maximum amount legally permissible without the Company being liable to pay deficits franking tax.

http://www.cigl.com.au
 

Dona Ferentes

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The acquisitive WAM making a move on this LIC

A number of fellow shareholders of Contango Income Generator Limited (ASX: CIE) have called us asking how to lodge their vote against the Board of Director's illogical proposal at the upcoming Extraordinary General Meeting (EGM) on Friday, 18 September. We have also received numerous inquiries regarding the validity of CIE's distribution of pre-filled proxy forms, which is in breach of Listing Rule 14.2.1. We have material concerns about the challenging and intimidating tactics being used by CIE to solicit votes from shareholders for the EGM..... Voting against the resolution on 18 September will allow Wilson Asset Management to continue to pursue our superior proposal for all CIE shareholders. Your vote against the resolution can be submitted prior to the deadline of 10:00am (AEST) on Wednesday, 16 September 2020 ....
On 20 August 2020, CIE announced that it had received a notice under section 249D of the Corporations Act requesting that the company convene a meeting to consider resolutions to remove Mark Kerr and Don Clarke as directors of CIE and to appoint Geoff Wilson and Glen Burge. Wilson Asset Management has put forward additional resolutions requiring the Directors of CIE to call and arrange to hold a general meeting to consider the termination of the existing investment management agreement and the appointment of Wilson Asset Management (International) Pty Limited as manager.
 
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If I understand this correctly, the management of CIE have realised that their application of their investment strategy has failed and they're unable to continue their dividend strategy so they're recommending another management team (WCM) that costs more.

The share price of WCM 's listed fund is also trading at a significant discount (-14%) to their latest NTA (like CIE).
 

System

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On July 21st, 2021, Contango Income Generator Limited (CIE) changed its name and ASX code to WCM Global Long Short Limited (WLS).
 
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