Sorry MarsC but I must disagree with the "those that say this...

Sorry MarsC but I must disagree with the "those that say this can't go to zero" to which you are indirectly referring to me.

Assuming PTM limits dividends to actual annual earning and does not (stupidly) pay dividends out of Retained Earnings, NTA over 50cps will remain NTA over 50cps. In an accounting sense, liquid assets don't evaporate, they are either retained or distributed.

Regrettably, I have owned more than my fair share of 100% wipe outs ie NTA of Nil share value Nil. My comment regarding not going to zero, was framed exclusively in that context, and I stand by it 100% and make my personal investment decisions re PTM accordingly.

I did not get the shares I wanted this morning at my price, am happy to leave my buy orders in place until the next largish holder decides they want out and I will take them. I am expecting and hoping that day will come within a week.

I am not an anxious buyer above $1 as I got enough at that price last time around.

Price holding up today indicates either reduced FUM already baked in cake or a deferred market sell off is in play. In the long run, it makes no difference to me. I will go down with the ship or reach land on it, as I am a true believer in the cyclicality of markets, sectors and styles. That is just me.