Ann: 2023 Annual Report & Accs & Pillar 3 Disclosures, page-6

It's tempting to see this as a Buffett "voting machine vs weighing machine" scenario and think the TNAV is where the SP must eventually go, but a $100 bond earning 1% and one earning 10% are not each worth $100 despite having the same face value. Noone is trying to take us over or break us up despite a supposed premium of ~140% being available, which suggests to me that the TNAV per share is nowhere near as tangible as the name suggests.

It would be interesting to look at how the SP has historically tracked against TNAV as see if there's a consistent discount or if it fluctuates significantly. Might have a go putting that together if I have time.