My loyalty to and faith in Bank of Valletta made me invest in the Wignacourt Aquaenergy Fund four years ago. A flop. At least, it wasn’t in any way due to mismanagement on the bank’s part, but bad investment judgement.

Unlike the MM Property Fund saga, which is still ongoing and on which more has been incurred by the bank in Malta Financial Services Authorty fines and consultants’ fees than if it had accepted my original proposal to pay up the issue price, i.e. considering it as capital-guaranteed like the Wignacourt.

But pride and obstinacy prevailed. And not a single director expressed the slightest disagreement with the manner the unfortunate investors were being treated. Incidentally, the latter still await the final 25 per cent to make up the original buying price, and only because it has been imposed by the MFSA. Of course, all directors will seek re-election later this month. Unopposed, naturally. As always.

The Wignacourt Fund €1 shares were valued at €0.9154 in August 2011 and only improved by 2.185 per cent to August 2012. Why weren’t then shareholders given an option to redeem? Because of the bank’s management charge?

As the situation is today, Wignacourt shareholders will earn the equivalent of 6.91 per cent over two years if they hang on to redemption day in August 2014. Not bad. But still some might prefer to liquidate now at €0.9354 rather than at parity in two years’ time. Why not grant them an option?