Ann: November 2022 Investment Update, page-24

I tend to agree with the “PR problem” angle of Cutty which is making me lean towards topping up again (I bought in 2 years after the float so am sitting on around a 10 percent capital loss before dividends). I’ve done reasonably well playing the whole discount to NTA angle in the past with URB investments (linked to SOL) and am currently sitting in TOT and DXC which are property trusts at big NTA discounts. The way I see it if you are patient something has got to give eventually. If it’s a 15 percent plus NTA discount your capital is reasonably protected and you collect a high dividend yield while you wait for some kind of liquidity event.