Thanks, Goldnerd for taking the time to respond, I have...

Thanks, Goldnerd for taking the time to respond, I have calculated the performance of LSX on a number of metrics over the past 12 years and see a nil real shareholder return over this period.

Moving to the question of whether LSX should continue investing as raised in Insofactoid's post of 31/1/22, in light of the failure to create any shareholder return in a period of very strong equity markets, the gold price doubling and many gold miners growing in multiples, I am wondering why you believe LSX should continue.

Why not realise the situation for what it is as Insofactoid has detailed, and allow shareholders to exit through an orderly wind up of the company and an equitable distribution of funds to shareholders?

Why would anyone in their right mind want to take another roll of the dice on another 12 year Lion Selection investment cycle?

Regarding your suggestion of an LSX share buy-back where shares are purchased below their intrinsic value to increase the NTA for the benefit of the shareholders that remain I have two questions:

Why not price the buy-back at the NTA so those shareholders can exit at fair value?

While it may be legal for LSX to buy back shares below their intrinsic value thereby advantaging one group of shareholders over another, do you consider this to be ethical?