http://www.nz.finance.yahoo.com/news...024346563.html
Printable View
And on top of all that they do all three companies in the same morning (notice how the NZX announcements come out at the same time for all three Caramel companies) so the two 'Independent' directors are actually hauling in the dosh and just rubber stamping things across all three companies.
Looks like the shareholders decided then.
Best laugh of the month :
https://www.nzx.com/files/attachments/166044.pdf
MLN - Determination of Directors Independence
11:50am, 2 Nov 2012 | DIRECTOR
2 November 2012
Determination of Directors Independence
Listing Rule 3.3.2
The Marlin Global Limited Board has determined that the following directors are independent directors per listing rule 3.3.2:
Alistair Ryan – Chairman
Carol Campbell – Chair of Audit & Risk Committee
The following director is not independent due to “Disqualifying Relationships” as defined in the Listing Rules:
Carmel Fisher
Ben Doshi
Chief Financial Officer
Marlin Global Limited
Excerpt from an interview : "we have a very similar approach to Warren Buffett."
Guess who said the above?
Thanks for another good laugh this morning :
Underperforms stated benchmark by a staggering 42.1% (more if you use share price performance) so "independent" chairman changes the performance benchmark for comparison purposes to try and divert attention away from what an appallingly bad performance Fisher Fund has delivered.
Remember that the performance is from a manager who markets herself as someone who invests as in the Warren Buffett mould!
I think I will send the article to Warren Buffett so he can have a good laugh as well about the pretenders who use his name to get money in from investors but make all kind of excuses when they cannot deliver like Warren does.
********* Excerpt : "Chairman Alistair Ryan admitted that Marlin's recent performance had been unsatisfactory but he highlighted a graph showing it had outperformed the MSCI Global Small Cap Gross Index (in NZ dollar terms). A release to the NZX in July showed that Marlin's NAV had risen by a total of 7.9 per cent since November 2007 whereas the MSCI index was down 10.5 per cent over the same period. However the company's benchmark, which is the NZX bank bill rate plus 5 per cent, has appreciated by over 50 per cent since inception, well above Marlin's 7.9 per cent." *******
And here comes the best part - Fisher Fund is doing its best so it does not matter that the performance is bad! Wonder how many brokers and financial planners read that and explained that to their clients before putting money into Marlin. Or was it the juicy brokerage that they received and the yearly monitoring fee they receive from their clients which motivated them to put their clients' money with the Warren Buffett disciple?
******Excerpt : "The problem with this process is that the manager is only required to "do its best to achieve a return on the portfolio which meets or exceeds the benchmark rate over the medium to long term".*******
Good Sept quarter update ......love it when things like Tom Tailor are up 27% for the quarter
No doubt Carmel gets the shareholder discount