Ann: Monthly NTA , page-3

I agree that discount looks extreme. But then it always seems to look high.

The only reason I can come up with is that the market consistently finds management not shareholder friendly - going back to the days when they did a selective buy back of hedge funds.

And they continue to be so. Why would they have a share buy back happening when shares are at such a discount, but then have a dividend reinvestment plan that issues shares at huge 10% discount to share price? Makes no sense to anyone who cares about NTA.

Interestingly, I emailed the directors politely, commenting on this. No response. They are one of the very very few companies that doesn't respond to my communications. Funnily enough the other one that hasn't when I used to try (NBS - I don't hold) also has people who question aspects of their business.

MJS