This one reminds me of SOE. It got to a 60% discount before they folded and returned capital. That was managed by some Soul Pattersons guys so they were no amateurs.
IMHO, they should initiate a dividend and work out an independent evaluation mechanism for the unlisted businesses. That would create some more buyers.
Anyway, the worst that could happen if you buy at 20% discount is that they fold the company and return 95% of the cash. That's a neat profit but you may have to wait a while for it. The upside is large, if they pick one or two good businesses that go for a run.
I'll be watching a bit longer like ThoughtfulB. There are not many LICs you can get exposure to this end of the market.
ACQ Price at posting:
70.5¢ Sentiment: Buy Disclosure: Not Held
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