Interesting value on offer?, page-2

Agree on value and management. It is significantly discounted to NAV by any measure and the management have skin in the game, something an article by Nathan Bell in the Fairfax papers today highlights as a proven positive.
But, Lion is only a place to put long term capital as the trading is thin and the returns come from very irregular sales and special dividends / capital returns. They have traded at a significant discount to NAV forever and have been a 'good speculative investment' on the same criteria at pretty well any time in the past few years, but would have delivered a significant capital loss, especially if you needed to find a buyer for a half decent parcel.
For the long term capital allocation though I agree it is worthy. Its time should be coming... although that clock they use has had more adjustments in the past few years than a Bali Rolex.