Ann: Net Tangible Asset Backing, page-5

The Toll offer was totally over the top. An offer of 50% over the market price could not be expected.

This is one of the short-comings when shorting in the market. Pardon the pun.

Conversely a takeover offer in a stock in which you are long can be a mixture of expecting a takeover bid & good luck. Some takeover bids are expected & some are not.

The current fall in the overall market is probably advantageous to ALF when you consider that as at 31 March their market exposure to the long side was only 7.0%.

This market reversal should enable Justin to lock in some profit on his shorts.

This downward move in the market should enable ALF to outperform all other LICs with the possible exception of Justin's other LIC, WMK which is a neutral fund.