With an NTA of 19.5c and a share price of 12.0c there is no...

With an NTA of 19.5c and a share price of 12.0c there is no greater opportunity for APW available than to buyback its own shares.  Every dollar spent on buying back shares at this price instantaneously generates a 62% return in terms of NTA accretion.

For the past year management have directed all cash flows to related party vehicles presumably because they can then charge fees on these assets.  This doesn't represent the best outcome for minority shareholders.  Conversely a large share buyback would be in the interests of all shareholders.  The company currently has no debt and could easily support borrowings of $10m which could fund the buyback at historically low interest rates.

I would encourage all holders to email and call the company to make your preference known.  If enough of us do so then we may be able to improve the capital allocation of the fund which as it stands is very sub-optimal and the primary reason for the significant discount to NTA.