we should aall email d.stevens, page-7

I'm happy for them to keep going. Having said that, I've bought in (and mildly traded) at around current prices. A few points of relevance:

##-who cares if 'current period to be unrepresentative of the longer term'##
It IS relevant. Managed funds and their listed equivalents are intended as longer-term investment vehicles, unless naturally someone sees opportunity so buys a large stage at a good discount with the sole intent to vote on wind up or something of the sort;

##-who cares about closed end versus open ended stuff???##
Again is relevant. Any investor knows what they are buying, and the NTA. In an open ended fund if a large number of investors decided to exit it may require the fund to sell less liquid assets at greater discounts than expected to pay redemptions. Closed fund doesn't have this conflict of interest. Anyone can exit at any time they want provided they can find a price they are happy with. Again, this is a KNOWN FACT before any investment. I don't see why anyone is surprise at smaller LICs trading below NTA. The market is full of them (PRV, WAM, FAT, HHV ...).

My thoughts are that the company should state a clear strategy that enhances both NTA and liquidity. How? Effect a buy-back where they buy back shares when trading at 20% or higher discount to NTA. This would naturally be an embarrassment for management at the moment given they would be buying higher than issue of recent shares, but would have dual benefits.

Just my 10 cents worth.