Ann: December 2022 Investment Update, page-43

I agree, the SP should be around $1.50 at 31/01, based on the portfolio and the market last month. I think by the time the NTA is published this will already be factored in the SP though. Having said that, one good month does not mean they can add to the profit reserve. To add to the PR they first have to cover the accumulated losses that have built up. We won't know what figure this is until we see the half-year report but my guess is they'd need more than one good month before they can start increasing the reserve again.