Ann: Net Tangible Asset Backing, page-9

Only if there is a recovery in sp terms of Labs & HVT. We are at a substantial disc to NTA (18%) which is extreme. The market is not convinced on a number of fronts. Hallam said all the company spin things which you would expect but being an LIC it comes down to choosing the investments which deliver superior returns going forward. There have been plenty of LIC's over the years that trade on the ASX and achieve little only to eventually to be wound up. Let us hope MMJ is not one of them because their performance is thus far sub-optimal when one considers we are in a hot sector of the market in North America, at least. It is all well & good talking about a recovery in HVT's sp but what gives them confidence of this? Is this just blind hope by the Board? Ox.