TJN trojan equity limited

Ann: Net Tangible Asset Backing and Portfolio Upd, page-2

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    re: Ann: Net Tangible Asset Backing and Portf... Can somebody help explain why TJN is trading not only above its NTA (which is cash & CMIPC Shares) but also well above the potential return that TJN would get if CMIPC A Class shares were bought at it's face value?
 
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Currently unlisted public company.

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