Ann: Priority in Benjamin Hornigold Ltd IPO, page-46

It's going to trade at a large discount to NTA given the nature of unlisted assets they have invested in.

JB Finacial is one of their big investments that I've found difficult to get my head around. Most of the companies don't even have a simple web presence. It's hard to understand where they generate their stated profit. 5m+

I posted about this a few weeks ago in another thread but got no response. Does anyone have any insights?