Ann: Net Tangible Asset Backing, page-3

There are many large and small non performing LIC which have given the sector a bad name. It means that investors now expect to buy a LIC at a discount which becomes self fulfilling. I guess we all have a chance to sell out of LSF here at NTA if we don't like its prospects or are worried about discounts. I am keeping my shares. I think L1 Capital are a very smart manager. I hope if discount ever got out of hand they would do something about it. I think the larger managers will generally not want the discount to get out of control for too long due to reputation damage. I think the smaller managers who may not have any unlisted funds will care less about reputation and hold onto the capital to keep taking the fees.