I had a thought this morning about the $200 odd million that is...

I had a thought this morning about the $200 odd million that is being lost or discounted to the NTA

Its a bit of a compromise...how about LSF doing a capital return...say $1 per share, (or even 50c
per share), though I would favour $1....management bought up 25 mil or so of these earlier this year
I would assume this money is borrowed anyway, so with whats going on with the world and markets
at present giving back $1 a share would reduce the discount by around $150 mil odd dollars, still give
management a very lucrative fund with nearly $400mil in NTA, that if they are right that 'value' is about to
have its day then they should be able to get this back to $1 billion market cap in say 5 to 10 years time

In the scheme of things they took all that was offered in the IPO and I suppose many would have applied
for double of what they wanted thinking it would be scaled back...but it wasnt...and then if they have held,
have suffered a pretty grim 2 years holding....In a way a $1 capital return would be great for anyone that
wants or needs to get out without losing another 25% of their money due to the current discount that
even with a pretty hefty buyback is not reducing

Its a bit outside the box but it would certainly hugely reduce the current discount and would certainly sooth
a few nerves amoungst holders...specially because of the leverage they are using and oversized risks that
they seem to be taking, I dont think many that invested at IPO would have envisaged such risks, this is more
like a hedge fund in many ways, except these guys are pretty much always nett long, which in the world we
live in today isnt always a good thing

just throwing it out there

cheers grant