Nicholas Mather-SOLG/CGP, page-13

Well, I think when the market gets hot, many people still try to get their money in the market. At this point they have to look around a bit harder for value. Ergo issues like management fees become secondary as the discount to NTA is more appealing to value investors, especially now the mkt caps of comparative companies have become stretched. Basically value will become harder to find, and hence harder to ignore.. Well this is my theory..

But lets have a look at a real time case. This might seem like cross promotion and it basically is, but I have inadvertently cross promoted DGR on other threads so by my reckoning this cancels out......and I have a point, stick with me.......

Basically I am looking at another company called copper strike, ticker CSE. The company owns 11 million shares of SYR-syrah resources. No other assets or liabilities.
11 million shares in SYR are worth $29 million. The market cap of CSE is $19mill. CSE has out going costs of $76 thousand dollars per quarter, and 5 hundred thousand dollars in the bank. In short CSE has 18 months before needing to sell a few shares in order to cover the minimal costs involved with operating..... As of June 30th management have stated their desire to maintain their holding in SYR as they believe it is worth more....yada yada yada

Now, Im going to be honest and state that Im not entirely sure of the nature of this discount. i.e what are the tax implications? At what point did CSE buy the SYR shares and therefore how much tax is CSE liable for under potential future sale...

O.k once I find this out we can compare to DGR discount to NTA. It is not unlikely that capital gains tax will not kick in for while looking at the SYR price chart..... but I will return to this analysis for comparrison when I know more facts...