Ann: Net Tangible Asset Backing, page-15

Lets break down the NTA reported at $1.41.

30.8 million shares on issue at $1 a share so thats our starting point. HML paid a dividend of 20 c per share which reduces the NTA. It revalued its unlisted assets by $33m at 30 June 2017 being $1.06 per share. So if I take all those thing together 1-.2+1.06 =$1.86 per share. That means that its trading and other activities has lost .45 cents a share on the reported NTA since inception.

Now they will say that we have a value that a related will pay that will add $1.16 a share to the NTA if it is ever paid. Again in the unlisted space.

This company is really an ULIC. What does it have without the unlisted investments that is the question that should be asked.