Ann: Net Tangible Asset Backing as at 30 June 2023, page-7

LSX management doesn't justify their fees.

I have been in LSX since 2006, in the early years there were some good returns. Since then it has been a complete dog.
Ten years ago the stock price was around 65c, Today all we have got to show for it is a couple of special divs totalling 5.5c and one div at 1.5c. i.e. 7 cents a total, and the share price down 22c over that period.
The managers have been sucking generous fees out of it the entire time. It is a lifestyle company for the Widdup family and a small group of associates IMHO.
It is a very illiquid stock, once you are in it is hard to get out.
Hence the ongoing discount.
My hope is management will liquidate the remainder of the assets and return all cash to shareholders.
Unfortunately for shareholders, management is on a gravy train and don't want it to stop.