Ann: Net Tangible Asset Backing, page-36

I have really just watched the ALF forum with interest and don't have any strong feelings about these guys in particular but I would say that in general I just don't think serial under performing LIC's have enough pressure but on them. Some have under performed the market for over 10 years! Probably why they seem to be so popular with fund managers nowadays as they think they can just float them off and collect fees regardless of performance for the rest of time.