Reports, page-37

Okay. Comments

Does this NTA include the 20c dividend they have gone Ex-Div on? It sounds like yes. I'm glad they showed the post DRP NTA as well. I also note the Pre and Post NTAs are slimmer now, suggesting that there were realisations made to fund the franking on the dividend. My main question here is, if so much of this is portfolio revaluation, surely there must be liability for unrealised CGT on those investments. This will be important when we come to the In Specie we will get for the JBF shares in a few months

They say they forewent Performance fee, but the HY showed they took payment of it. This can only suggest that they took payment on performance of the investment portfolio component, but not on the revaluation, which is good. The perf fee on the Mgmt was around $900k IIRC, and the breakdown suggested they put $4m into the market at did 100% on that $4m making it an $8m invested in the market component. Their Pirate Pete performance fee is 23%, which makes the $900k look on the money for that. So I am glad they aren't taking a fee on these revaluations

These guys do my head in...39% NTA...is that revaluation driven or portfolio driven? I would really like them to breakdown their trading performance and the NTA performance as well. Of course at the end of the day what we eat is the "all of it" so it is important to have the overall number, but I'd like to know

AFAIAC, KPMG audited the trading and that is bona fide legit so I am happy with that.

Can they show us what the NTA growth has been since day 1 of this LIC. This would be "the value of $10,000 invested". I believe the way they do this is assume an investor sells $x worth of shares at $x price to acquire the same dollar amount of shares being issued at the lower price. ie I sold 10,000 HML shares to get $15,000 to be able to exercise 15,000 options at $1. You do that for all placements and DRP and options etc. I would like to know this

I think the share price will go back to $1.70 with this one, but market may be skeptical of the down-up on the unlisted portion