The most recent NTA value of the LRF fund was released on...

The most recent NTA value of the LRF fund was released on 12/2/08, NTA at 11/2/08 was $1.79, so 15% discount is $1.52, not $1.47. (I think you used the 31 Jan NTA of $1.74 to do your calcs). So we're currently at a 12c discount to that value, or 8.6% higher (152/140 x 100%) than LRF is currently trading at.
MJS has already supplied a very good answer to you. I just want to reaffirm the fact that this is a selective offer made to two big shareholders only. It is wrong that they should get such a preferable deal. If it is not favourtism, then as I said previously, why don't LRF offer it to all investors? Also, aren't these guys asking me if I'd like to buy shares at this 'discounted' price (currently $1.52) or HIGHER? I'm not so silly as to fall for that one-I hope nobody else is, either, given they could currently buy on market at a greater discount.
I am betting mgt will use the ongoing buyback to try to 'close the gap' over the coming week-I already have my sell in the queue at a price above $1.40 in expectation of that. I will pull it if management offers me the same cosy deal as Caroussel or, even better, Weiss.