CANADIAN CLOSED END FUNDS AND INSTALLMENT RECEIPTS Message Board

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Gold/Mining/Energy : CANADIAN CLOSED END FUNDS AND INSTALLMENT RECEIPTS

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To: Mike K who wrote (32)	3/15/2000 10:43:00 AM
From: Sturgeon	Read Replies (1) of 37

I'm not sure that they don't care about shareholder value. If that were true why would the MER's be only 0.25%? They could easily push that up couldn't they? I think the Jackman empire is just an old boys club. They care about shareholder value, but only as they define it, meaning the NAV. Something will happen someday to break up the old boys club. Nothing stays the same forever. Interestingly, I noticed that E-L Financial which owns a big chunk of UNC and is run by Jackman and the boys, recently changed their accounting to record their investment holdings at market value. Previously, they had recorded them at book value or purchase price. Could there develop an incentive to reduce the discount on UNC given the fact that it will now be reflected positively on E-L's balance sheet and earnings statements?

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