YehLucker, thanks for your (measured!) response. I agree with...

YehLucker, thanks for your (measured!) response. I agree with everything you've said, particularly your suggestion that the company put a halt on all capital raisings at a significant discount to NTA. In fact I have been critical of the larger LICs that have done this in the past (albeit at smaller discounts) because although I think long-term holders deserve a discount to the market price if it is trading at a premium, I do not believe that existing holders should be diluted by virtue of a discount to NTA on new shares issued (whether it be through a capital raising, SPP or DRP).

If I was in charge of any LIC, my policy would be to offer shares (in capital raisings, SPPs and DRPs) at a prescribed discount to the prevailing share price (e.g. 5%), provided that that price is no lower than the NTA.

As for whether I should be more interested in share price of NTA for a company like CTN, I agree that the NTA gives a better indication as to the value of the shares. As Buffett would say, "price is what is pay; value is what you get". However, my concern is that although you might be able to buy the shares at a significant discount to NTA, there is no guarantee that this gap will ever close...and the company's new dividend policy does not appear to have made any progress in doing so. (Though I do agree that a 12% yield is very attractive.)

Anyway I enjoy the discussion and will certainly keep following the stock, and who knows, I may even pick up few one of these days. Cheers

itb08