Arkmile is calling for the winding up of the Challenger Infrastructure Fund (CIF.AX) - sale of the assets and the distribution of the resulting funds to shareholders. I own 3000 shares. A meeting is now scheduled for late August for shareholders to vote on the proposal and Arkmile have set up a website laying out their case. CIF trades at a massive discount to the supposed value of its assets. Recent sales of smaller assets by the managers realised prices in excess of the carrying values, so I think that Arkmile are correct that this proposed action could eb good for shareholders. Even better from my perspective, though, would be delisting the fund - turning it into an open ended fund - this would push the price up to the net asset value while allowing me to remain exposed to the infrastructure sector. All the same, in the absence of an alternative proposal, I'd vote in favour of Arkmile's proposal. This guy, though, is skeptical that other shareholders will vote Arkmile's way. Chalenger holds 32% of the shares, which makes Arkmile's task hard.
In other news, Snork Maiden got the new temporary resident visa stamp placed in her passport and Medicare membership all in the course of about an hour. Sometimes government can be pretty efficient :) She's now trying to get her private health insurers to refund her unused insurance. If she becomes a permanent resident in two years time, she'll be on track to becoming an Australian citizen four years after arriving here. This is at least twice as fast as it would take to become a U.S. citizen.
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