Ann: Net Tangible Asset Backing, page-38

I actually think that SOL are more of a strategic investor in PCG than actually managing their investments. The investment team at PCG is made up of people who were either at Hunter Hall or Pengana when it was private before the merger (pretty sure that the CEO was the old CEO of Pengana?). I'm sure they share ideas but the investments at Contact (BKI/URB) are handled by Tom Millner and Will Culbert who don't have any official position at PCG or any of its LIC's (once again I may be wrong as this is just my limited understanding).