Marlin Global Limited (MLN:NZX)
Holding Period: 0.4yrs
Marlin Global is a listed investment company that invests in growing companies based outside of New Zealand and Australia. The Marlin portfolio is managed by Fisher Funds. In 2012, we started to review the performance and structure of the Company, and concluded that the Company should be delisted, portfolio liquidated, and capital returned to shareholders. We estimated the value uplift for the shareholders was potentially ~17%. We submitted a non-binding resolution to terminate the management contract, and return all capital to shareholders at NAV less costs. We exited the majority of our position in November 2012, and the balance of the position in February 2013 after shareholders voted against our resolutions at the ASM.