PE,Thanks for this, I think we may be the only two on HC...

PE,

Thanks for this, I think we may be the only two on HC following this stock in detail.

With the forecasted 9 to 10 c NTA it looks like no allowance has been made for asset revals or debt repayments. Not that I am too worried as with a sp of 5 cps an investors is essentially buying the Panthers loan at a discount ( I have it roughly valued at 6 cps) and a free option on the pubs portfolio ( worth 3 to 4 cps NTA.)

With CF looking ok I would agree with your view that there is value there. Not sure why this has not been picked up by the market...I suspect because liquidity is tight and the majority control by Tourchlight (via direct holdings and the Borg (Van Eyk) fund makes investors nervous.. I calculate Tourchlight controls around 43% of IEF.....