EDVPer page 4 of annual report:
"Our share price remains at a discount to net asset value (NAV) per share. The Board of Directors is addressing this situation and considers the discount to be unjustifiable."
Current Fee Structure of Investment Advisor per Annual Financials Footnote 6(b):
"Investment Advisor Agreement
The Corporation has an Investment Advisory Agreement with Endeavour Securities Corporation (the “Investment Advisor”). The Corporation pays a monthly investment advisory fee to the Investment Advisor at the annual rate of 2% of the first $50 million of the net asset value of the Corporation, 1.5% on the next $50 million up to $100 million and 1% on the excess over $100 million. The investment advisory fee payable at August 31, 2004 is $115 (August 31, 2003 - $75). In addition, the Investment Advisor is entitled to an annualized performance fee calculated as 20% of the consolidated net income from operations(before such performance fee) in excess of a 15% return on equity."
Current Fee Structure of new Investment Advisor US Global Investors:
...................Gold Shares Fund..... World Precious Minerals Fund
Management Fees.....0.75%..... 0.96%
Other Expenses.....1.18%..... 0.51%
Total Annual Fund Operating Expenses...1.93%..... 1.47%
It will be interesting to see exactly how EDV and US Global join forces, and I am hoping this has more to do with reducing fees of EDV's Investment Advisor and/or decreasing the discount than acquiring intellectual capital... One viable means to proceed (and eliminate the discount to NAV) would be to convert EDV from a closed end fund to an open end fund under the management of US Global Investors... In my dreams...
We'll soon see on November 1 at 11AM EST...
https://www.investorcalendar.com/IC/CEPage.asp?ID=97180