Thorney making the first move, page-24

I have a spreadsheet tracking the performance of NTA (pre and post tax) and share price. What has happened is TEK opened at around a 9.5% premium and as of 31/5/20 was at a 15% discount. This has resulted in the under performance you discuss. However, performance based on NTA is very different. Numbers below:

	Date	Share price	Pre-tax NTA	Post-tax NTA
1	31/1/17	23c	20.8c	20.8c
2	31/5/20	25c	28.9c	31.9c

NTA has provided a 10.37% pa return pre tax and 13.69% pa return post tax (based on 31/5/20). Share price for this date has only provided 2.53% pa return.

This shows the effect share price premiums and discounts can have on performance of an LIC. However, I purchased TEK based on a long term hold. Therefore, I am more interested in the NTA performance as this is the underlying performance of TEK. The underlying performance looks good (ASX200 TR was 4.77% pa over the same time). Hopefully, with time the market will realise this and close the discount.