Ann: Net Tangible Asset Backing, page-3

Fun fact.
When they listed in 2018 they issued 664.8m shares, to be fair about 400m more than I thought they were doing but thats another story.
There is currently approx 609.8m shares on issue, so they have bought back the best part of 55m shares.
The last buyback notice said there was currently 53.25m shares remaining to be bought back.

In 2018 the main large director holdings totalled some 4.65m between the 2 of them.
They, at last notice, now have some 53m odd shares between them.

Free float has shrunk by 100m shares in 3 years. The way things are going it will end up being their own private investment vehicle!

It may take some time, and consistent value add but my gut feel is over time the s/p will continue to narrow with nav.
People still trade this as if it were a long only. Market down, s/p down.
Certainly there is correlation, but I don't think that correlation is as tight as some think.