Ann: Net Tangible Asset Backing, page-5

From an LSF announcement of last May:
"the current intention of the LSF directors is to only buy back shares if the LSF share price trades at a discount to post tax net tangible asset backing per LSF share (NTA) of 10% or more."

latest post-tax NTA: $3.0342
today's current SP: $2.83
difference: approx 20 cents
10% of $3.03: approx 30 cents

So, no buyback just yet. The NTA-SP discount will have to increase by another 10 cents before the buyback can kick in, unless the directors change their "current intention".

The large NTA-SP discount at the moment is a good buying opportunity. If markets go into a downtrend, the NTA should be hedged by LSF's portfolio of shorts, which may not have been very helpful during the recent bull market run. The NTA has been in an uptrend since mid-January. NTA would be even higher now at over $3.09 if LSF had not gone XD on 18 March. So whatever way you look at it, the NTA appears strong. Maybe LSF has regained some of its old magic. About time.