I'm not sure that buying back shares reduces their "invested...

I'm not sure that buying back shares reduces their "invested capital" definition that the management fee is based on. It seems in the half year accounts (which you would assume is calculated at Jan-23) to still be calculated on the $100.5m number in the FY22 Annual Report:

Lion Manager provides management and investment services to Lion.
These arrangements were approved by shareholders at Lion’s AGM on 5 December 2012, with ongoing management fees of
1.5% p.a. based on the direct investments under management. During the year in accordance with clause 8.2 of the Management
Agreement and the closure of the Pani transaction, the invested capital increased from $63.3M to $100.5M. This has resulted in an
increase in fees from 1 March 2022. Management fees of $1,268,552 were paid in the current year. There is an incentive
applicable which would apply where Lion’s performance outperforms a benchmark. In addition, up to a 12 month termination fee
may be applicable should Lion seek to terminate the management agreement. Further details of the Management Agreement are
set out in the Notice of Meeting for the 2012 AGM, available on Lion’s website. As at the date of this report no incentive fee had
accrued with respect to the Lion Manager contract.

Despite that, still can't understand why it trades at such a discount. Any thoughts on why?