How do you get to "65-70c" of tangible assets? Genuine question.
Total assets were $328m at the last report, and since then they've paid a 7c dividend and bought back shares, neither which would have been fully covered by cash-flows.
So that's more like max 55c, probably closer to 50c or lower though, then figure in a bit of tax on the capital gains within their fund holdings and it'd be lower in reality.
Ann: Funds Under Management - January 2024, page-103
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