Ann: Net Tangible Asset Backing, page-9

I am not sure whether we agree or not peejay2. I think we generally just view the same position from different perspectives.

I would rather retain the existing structure and keep recoup some value from the tax losses. However, that won't happen now as the weight of shareholders wanted cash (NTA-DTA) as soon as possible.

I will retain a very significant holding in the unlisted entity for at least 12 months, happy with a 4% - 7% low risk annualised return. I don't resent JB, nor do I admire him. I ahve only been in ALF for the money, and trading the rotating premiums and discounts to NTA since inception has made a fair bit of it.

Have moved on to much greener pastures with a plethora of LICS trading well below NTA, where I will play the waiting game, all over again.

Also pretty happy with REE and lithium miners coming back with a rush after a COVID-19 SP thumping. That's the dumb way markets work, forever transferring profits from the impatient to the patient.

I know you are a patient investor, peejay2, so I am confident you will have done well this year.

Have a great Xmas/New Year.