NSC does have unlisted notes. It's mentioned at the bottom of...

NSC does have unlisted notes. It's mentioned at the bottom of the monthly report.


For NCC the interest rate is probably 6.5% already due to breaching the LTV clause.


You are right that a merger is more difficult due to having bonds and long dated options. But management need to look like they are doing something.
Cash levels are low and the debt is becoming more expensive (not only rates going up for NCC but also as a proportion of the funds as they shrinks). Announcement regarding dividend being cut or even suspended is around the corner.


The stock picking has been poor but there is a structural issue with the NAOS funds. Buying small high conviction stocks (and even some unlisted businesses) using leverage while trying to pay a high dividend is a recipe for disaster. Even if the remaining positions were future ten baggers "the market can remain irrational longer than you stay solvent".