Ann: Net Tangible Asset Backing, page-28

i believe it was originally $700mil or so, and it increased to $1.3bil
investors were 'notified'' of the increase via a supplementary prospectus released to the market before the float which i suspect most investors were not aware of..
in light of the above, IMO the manager should do the right thing and aggressively buy back stock while it is at a significant discount, or distribute dividends to shareholders with surplus cash , and shareholders can then buy back the stock it a material discount if they wish to.
i note that the directors have indicated that the manager will buy back stock if the discount remains in previous announcements, which is clearly the case.
given that the manager's directors have significant skin in the game, the material discount to NTA is presumably not in their interest, although reducing capital is also not in their interests (as it reduces fees), which is where the independent directors come in to it to void conflict of interest issues. when all is said and done, the manager has a fiduciary obligation to the LIC and the shareholders, and an agressive buy back must be considered seriously with such a material discount to NTA. many other LICs are doing it..