Ann: Net Tangible Asset Backing, page-6

Spot on not2hot, as a recent holder of LSF it has been far better managed and closed the NTA gap.

The problem with ALF has been the major call by shareholders to have the fund liquidated and capital returned ASAP.

I hate losing 10c per share in forfeited tax losses and Provision for Tax liabilities. Absolutely dumb. But on this point, I think the shareholders drove the narrative not JB, and JB was unable to either inform or get the message out of the consequences of immediate action.