Ann: HY23 Results Media Release, page-72

I am struggling with this concept that its overvalued. I used to do the same NTA based upon share prices and directors valuations for unlisted assets.

At that stage they then purchased MLT. I liked the move and expected there to be a $3billion asset investment component. They upset me by starting to sell off these listed assets. Now I could no.longer do the model calculations. The number of JV or other business entities was growing.

In valuations we increase the value for a business if you control it - commonly termed a control premium. You don't need 50% to practically control something 40% is probably enough.

Now it looks like SOL is going to have less listed investments and more active investments. If this is a hybrid model then NTA isn't a fair value. Some degree of future valuation or NPV msybe is better. However management themselves seem to suggest that its either undervalued per NTA - or they dont mention it.

Is this a growth company ? Is the combination of assets unique and can grow the income and dividends internally. Maybe looking at IFT has an insight into these types of assets and that they should be valued on the profit performance. I think that SOL is overvalued but I am not prepared to sell my shares - what I cannot answer is why I wont sell?