Performance Fee Happy Time

Don't know why anybody would be selling atm. Currently, there are three big positives for SP upside.

1. Several weeks of performance fee buying remain. Under the perfee terms, the SP can potentially be squeezed as high as $2.8255. The directors are price takers because the perfee buying must be completed within a deadline of 60 trading days from the start. Allowing for days when perfee buying was not allowed, there are approx 32 days left. Up until the last directors interest announcement, they seem to have been spreading the buying relatively evenly over the full duration of the allowed buying period. Perhaps to avoid a squeeze, they may have increased the tempo in the last few days. Or maybe they have taken the risk of having a rest in the hope that the SP would fall. Need to see up-to-date directors interest announcements to assess exactly how far the perfee buying has progressed.

2. Yesterday's post-tax NTA announcement was $2.6978, the highest it has ever been. The NTA performance trend seems to be in the up direction again. Based on my indicative watchlist calcs, post-tax NTA may be above $2.72 within the next two days. Well done, LSF. Onwards and upwards.

3. The gap between the SP and post-tax NTA is currently relatively wide at approx 15 cents. Even under the buyback, the gap had previously been reduced to a few cents. The buyback may resume when the perfee buying is completed (of course, it might not resume straight away if the SP has been squeezed up high).