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post Posted: Nov 28 2019, 08:28 AM
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I think this is the same fund
Watermark-managed Australian Leaders Fund appears to have threatened to pull a proposed buyback if shareholders vote against the re-election of the board. The LIC will hold its annual meeting on Friday when chairman Justin Braitling and director John Abernethy are up for re-election.

After incurring a strike in 2018, Australian Leaders, also known as ALF, faces the risk of a second strike this week. If more than 25 per cent of shareholder votes are cast against the remuneration report, the board will face a spill motion. Mr Braitling, Mr Abernethy, Julian Gosse and Wilson Asset Management's Geoff Wilson are all directors.

Shareholders will also vote on whether to approve an estimated $45 million buyback, or up to 20 per cent of the LIC's capital.

However, an explanatory section attached to the notice of meeting cautioned that any changes to the board "will likely determine whether the buy back proceeds. There is no guarantee that that the buy back will proceed if the composition of the board changes."

The LIC sent a letter to shareholders late last week, which was seen by The Australian Financial Review, and again linked the prospects of a share buyback to the re-election of board members.

-- looks like the hotshots couldn't make it work. Might have established a name with unlisted fund and small amount of FUM. Then set up a LIC with broad / eclectic mandate.
- trading around $1, with latest NTA at $1.19.
- Withdrew from international equities.
- But managed to underperform by 17% in year to Sept.

"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
post Posted: Jan 4 2014, 04:24 PM
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I have been looking at this stock as part of a yield portfolio. has any one got any particular feelings on the stock at the moment.and also can any one tell me if the advertised yield is before or after management fee's.
Cheers Wantmore
post Posted: Dec 13 2007, 11:46 AM
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Topic rename




post Posted: Aug 17 2007, 02:30 PM
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(ACN 106 845 970)
15 August 2007
Fully franked final dividend of 4.0c a share and a special dividend of
2.0c a share
Profit before tax increased 34.7% to $20.6m
Profit after tax increased 37.9% to $15.4m
Gross portfolio increased 31.8%
Total dividend declared in 2006/07 increased 25% to 10.0c a share fully
Pre tax net tangible assets increased from 118.3*c a share to 145.0c a
share over the 12 months
After tax net tangible assets increased from 111.2*c a share to 134.5c a
share over the 12 months
*adjusted for dividends paid
For personal use only

Cheers Phil.<br><br>Holding : ALF,KZL,MMA,NWE,<br>PNA,TZN,WIL,OZL.<br><br><br><br><a href="" target="_blank"><img src="" border="0" alt="Photobucket - Video and Image Hosting"></a> <br><br>
post Posted: Aug 11 2006, 08:55 PM
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In reply to: trade4profit on Sunday 06/03/05 01:18pm

Great report today....

Although I think the immediate future for LIC's is somewhat sideways to negative ....WLS still a buy for special dividend & bonus options...

Tightly held....

post Posted: Mar 6 2005, 01:18 PM
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In reply to: topic-starter on Friday 12/03/04 05:21pm

I have posted on WLS 3 times over at HC without a reply...

Seems like a pretty reasonable play, given the current price is $1.03, their NTA is at least $1.18 and they are about to pay a 2c dividend plus a 3c special a total interim return of 5c on a $1.03 stock.

In particular, I would be interested in hearing opinions from those experienced in trading stocks around dividend dtaes.

From my HC post...

Another up day on the XAO and another up day (net) for WLS's portfolio, which I suspect should be reflected in a higher NTA in the upcoming March update.

Still plenty of trading before the April dividend record date, so no need to rush the stock.

Interesting arbitrage on the options; buy the options for about 2c, convert for $1 and sell on market for $1.03...or better still, if you hold shares, sell for $1.03 and buy back in via the options for about $1.02.

Given the shares are approaching a possible breakout, you could even end up doing much better than in the above illustration.

Until recently the options have been trading at a premium, however it seems there has been a rather large holder off-loading over the last month or so...I suspect he doesn't have the funds to convert. As a result, it has pretty muched killed the market for them, although I have noticed some recent interest returning, inlcuding my own.

Could also be other forces at play, possibly trying to flush out existing holders in order to grab the kinds of volumes not available in the fully paids.

Given they are about to pay a 5c dividend and have a current NTA of $1.18 and rising...the current price of $1.03 seems a little on the low side to me...even allowing for post tax, dividend and options dilution.


Very slow rise from current price of $1.03, over the next 2-3 weeks up to something like $1.07, then a last minute run up to about $1.12 just prior to the record date...followed by an ex dividend drop to about $1.07, at which point I suspect they will be carrying an NTA of at least $1.20.

I also suspect that WLS might be back in the market after the ex date, continuing their share buy-back...increasing their NTA whilst at the same time, supporting the post dividend price.

The only thing that might throw spanner in the works would be a major correction, or conversely, a substantial rally of their portfolio...which would obviously impact on my predictions.

Finally, after the dividend related activity there will be the run up to the options conversion date...still not sure what to expect from this.

I would appreciate someone with dividend trading experience, giving me their thoughts on a possible short term price target for WLS given the upcoming 5c dividend.


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post Posted: Mar 12 2004, 04:21 PM
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