Ann: Net Tangible Asset Backing, page-10

I did a post on this LIC shortly after they introduced the dividend (22/6/22). The gist of what I said was that I considered it to be an undervalued and well-managed fund. At the time they were trading around $1.38-$1.40. The pre-tax NTA quoted in the June 2022 report was $1.86 and the post-tax was $1.59. Cash holdings were around 50% of the fund as they had just sold out of Siteminder. So prior to the sale of Instantscripts, they had invested approximately 50% of the cash they had at the start of the financial year. With the sale of Instantscripts, my back-of-envelope calculations put the current NTA at around $1.55-$1.58 post-tax. In the last year, from 1 Jul the Emerging Companies index is down around 7% and the Small Ords index around 2%. So what has changed for BTI, well in a tough market it has held its own, with no loss of shareholder capital and they are now selling at an even more substantial discount to post TAX NTA. I still like this fund and trust the competence of the management, if they chose to sit on some cash for longer than some may feel is prudent I am fine with that.