Not sure exactly what you'd like me to comment on. With roughly...

Not sure exactly what you'd like me to comment on. With roughly 95% DRP participation, the directors' ownership is not exactly advancing at a particularly fast rate. If they pay about 30% of earnings as dividends, their ownership will creep by only a fraction of a point each year.

An investment in UOS is a bet on the integrity of the two key directors. For nearly 30 years, it's been a bet well worth making. Not sure why they would suddenly start to do the wrong thing by their shareholders after such a long time.

At 48.5c, you are paying about 60c on the NTA dollar. A couple of times in their history, they've traded near NTA. I reckon at some stage in the next 10 or 15 years, they probably will again.

In the meantime, I get a company that has grown per share NTA by about 14 or 15% per annum for the last 10 years (despite the heavy dilution from a big DRP), has the great majority of their market capitalisation backed by cash & hasn't revalued most of their assets for a few years in a declining interest rate environment.

I sleep pretty well at night with my capital at work here - Eternalgrowth