We're still at a 14 percent discount to NTA based on the August update and the IPO participants are slightly underwater. Give it another 12 months or so and their going to come under some pressure if this doesn't' close particularly considering how much pressure their putting on some other local LICS about discounts at the moment. I think WAM do a fantastic job but even I wonder about how thin their spreading themselves at the moment with Blue Sky being incorporated and possibly also the Contago fund.
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