News: SEC Spheria Emerging Companies Decides To Implement On-Market Share Buy-Back, page-2

I have just reviewed my post from last week and found that in my excitement of the day, I managed a typo, and an important one at that.

"I see no reason to expect an NTA discount of 10% - 15% in the SEC share price. That is the long term position."

Should read "I see no reason NOT to expect an NTA discount of 10% - 15% in the SEC share price. That is the long term position."SEC is likely to trade at a 10% -15% discount to NTA for a long time, as it always has.

I don't think that will change unless they move to become an unlisted fund, where different rules apply.

Over the decades, I have owned many such discounted LICS.

Eventually they all get wound up, unlisted or taken over at close to NTA. The only question is how many years one has to wait.As I have said many times, I am in no rush if the fund invests well and pays a decent return while I am waiting.

Last week's price crater where @peejay2 and many others here were able to buy on market below $1.75, was a small gift in my view.

Today's capital managment initiatives are a kneejerk response that make that gift even more attractive. After today, I don't think investors should lose sleep with rises or falls of 1c to 4c for the next few months (even years) unless the market really falls out of bed, or another large anxious seller wants out.

Enjoy the value/comfort of the currently deeply discounted share prices of the main portfolio holdings. In a year or 2 or 3 they will not be so cheap. In the meantime, today's dividend reset of 1.25% of quarterly NTA is a nice little offering to all holders.

GLTASH