The $2.52 is gross NTA
Take off the management fee and provision for tax on the gain and your substantially lower than $2.20. hence the lower SP.
Fund managers and PeteW love to talk about the gross data so they can boast big percentages, but the reality is Net NTA which is the real profits and dividends that the share price is normally based on.
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Ann: Update on proposed sale of stake in JB Financial Group, page-25
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