About

Update Sep 2023 - New Site: I now run a site dedicated to eliminating almost all ASX Closed End Funds. I maintain a post on the CD Funds on that site. See: > Captive Capital


What: A blog with insights into the Cordish Dixon Private Equity Funds listed on the ASX as CD1, CD2, CD3 and the unlisted CD4. (As of Sep 2023 this site is on ice unless/until I'm involved in another major campaign regarding the CD Funds)


Why: E&P Financial the Responsible Entity (RE) has proposed a merger of all 4 funds and restructure to a single unlisted fund that no longer self-liquidates, or provides cash distributions, or reflects the different investment choices investors made when choosing a fund. It is the latest and biggest failing of the RE to act responsibly for each fund's investors. There was no alternate source of information until now.

Update: The Merger Proposal was withdrawn after investors discovered the pitfalls and overwhelmingly lodged votes against it. This site is on ice unless a new major change is proposed (e.g. selling one or more CD funds at an unjustifiably large discount.)


Who: A significant shareholder in CD2 and CD3. Also, a specialist in ASX closed-end funds.


Contact: See: > Captive Capital


Disclaimer: I do not have an AFSL and no content on this blog constitutes personal advice (financial or otherwise). The content of this site is general information only. I am not liable for any loss suffered, whether due to error, negligence or otherwise arising from the use of, or reliance on, the information provided directly or indirectly, by use of this website.

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What are Wilson Asset Management's intentions for the CD Funds?

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Summary : On 9 June 2023, a Wilson Asset Management fund - WAM Strategic Value - posted a media release advising it is voting No to the proposal for KAM to take over as responsible entity of the CD Funds. WAR disclosed it owned CD1, CD2 and CD3 and wants divestment and return of capital expedited. In this post, I provide further details of WAR's CD Fund holdings and discuss WAM's options and possible intentions regarding the CD Funds. If WAM is playing chess; who is playing checkers?
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E&P vultures hide the CD Funds carcass but will it work?

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Summary : The AFR recently revealed the latest material information E&P hadn't disclosed to investors: that Pengana Capital has made two bids for the CD Funds and is very keen on consolidating them into its ASX private equity fund PE1 . E&P not only rejected the proposals and prevented due diligence, but kept everything secret from investors, perhaps hoping Pengana would give up and no other would-be predators would be aroused. E&P seems to think it owns the funds to run for its own interests; "captive capital" indeed! Investors need to contact their CD Fund Directors to insist that merger proposals are actively encouraged in a competitve and transparent way that reaches the best feasible outcome for shareholders (not E&P). CD Fund investors voted overwhelmingly against the proposals put forward by E&P and the current Directors. Investors will obviously need to keep the pressure on and, ultimately, the current Directors may need to be replaced if no...
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A rolodex of the firms with an interest in the CD Funds

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Summary : With all of the recent machinations, I've decided to maintain a single blog post listing all of the firms with an interest in the CD Funds. There are various intentions: from passively riding the discount opportunity to active interest in clipping some part of the ticket. My main motivation in informing CD Fund shareholders is that they actively organise and advocate for their own interests: such as blocking adverse restructures (e.g. E&P's attempt to convert to an evergreen mashup fund); seeking mergers/exits at fair but not desperate prices (e.g. Pengana's PE1 proposals); extracting timely concessions (e.g. from K2 Asset Management in taking over as responsible entity); or encouraging institutional owners (e.g. WAM) to build stakes and speed up divestment and distributions. New Site : I now run a site dedicated to eliminating almost all ASX Closed End Funds. I maintain a post on the CD Funds on that site. See: >  Captive Capital Patience and vigilance rem...
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