Ann: On-market share buy-back, page-31

I don't think you understand buy-backs. Lic's often implement buy-backs when their shares are trading at a discount to Nta. It's an instant definite return. But that is if the Nta is indeed "tangible".
10% a year??? This thing could very well trade at a 50% discount. Every $1 spent on a buy-back would then be an instant 100% return. But the problem is their Nta isn't tangible because of the unlisted assets.