Also - the "upside exposure" in Merdeka shares is partially...

Also - the "upside exposure" in Merdeka shares is partially handed back if the share price goes up - but I don't see anything written about what the down side protection is? Presumably there is credit risk associated with this. They also mention a "Top-up" payment if LSX holds Merdeka shares for 12 months - but don't say what that is - is it the downside protection, or something else. Makes it hard to calculate the value of this deal on NTA, and assign a discount to the risk.

More I think about it the more I would like to see this cash handed back to shareholders. Close the NTA discount - provide some certainty. Then if new investors want to invest in Merdeka and an about $10m of assorted other investments - they can, and management can pitch them for more cash once they find something they want to invest in. Im not keen to hang around and wait for you to work out a new strategy.