IPO - Benjamin Hornigold Limited, page-168

Tough to disagree too much with this assessment.

However, there's a good chance that BHDO debuts at 10+ cents which reduces these advantages (given the appetite I'm sensing on HC at least), especially if BHD dips much below NTA. (I picked up 50k newly minted PL8O at 2.4 cents earlier today and I am quite confident the same won't be on offer here)

BHD may also end up with exposure to the unlisted investments, albeit likely not to the same extent. However, Stuart and co. must believe (and really, you're putting your money directly behind their judgement more than any other LIC) that these miscellaneous opportunities do have upside.