Ann: Announcement of buy-back - Appendix 3C, page-6

If we hold NTA constant, then price movement is what reduces discount. Hence my previous comments on likelihood of permanent discount reduction can be applied to likelihood of positive price movement due to discount reduction. If sufficient shares are bought back there will be an increase in NTA which will result in a price movement unrelated to the discount. Is this what you are referring to? This would probably go unnoticed if the NTA is falling for other reasons. Obviously the ideal situation is if good investment decisions result in a marked increase in NTA, which will in turn tend to eliminate the discount to NTA.