Ann: Net Tangible Asset Backing - December 2018, page-5

There seems to be a lot of support at 92c. On a month end basis this is the first time GC1 has traded at a premium to NTA. This is surprising in that the post tax NTA has fallen 19% from 112c (30/9) to 91c (31/12). Comparable NTA change for similar companies I own or recently owned in the case of SNC are:- BST -12%, DMX (unlisted IC) -8%, MA1 -15%, SNC -10%. My Wilson LICs are yet to release their December figures.

The premium or discount to the lower of post or pre tax NTA for the same LICs are:-  BST 18% disc,  DMX not app, GC1 2% prem, MA1 17% disc, SNC 7% disc. I would not be buying GC1 at anywhere near current levels.