Ann: Net Tangible Asset Backing, page-12

L1 Capital's portfolio is not the same as LSF's portfolio, although there is some overlap. One difference is that L1 Capital has far fewer stocks in its portfolio than LSF.

As far as I remember from my daily monitoring of LSF's out-of-date portfolio, the big move downwards in F45's SP was either on 26th or 27th. The worst of the bad news about F45 appears to have been released to the markets on 26th (USA time). Today's NTA announcement was for the 27th, so the worst of any damage to LSF's NTA is now factored in. F45's SP can continue to fall to nothing, so if LSF is still exposed then there can be more damage to LSF's NTA, but the worst is over.

Looking at today's NTA announcement and the previous two NTA announcements, it seems likely that LSF was no longer holding F45.

For tomorrow's NTA announcement, based on my monitoring of markets and on what is known about LSF's out-of-date portfolio, I am expecting a big jump of up to five cents.