If you are referring to LRF 2 that LRF comments on in its NTA announcements, it is units that the company purchased from hedge funds (to get them out) in what many at the time and still see as a con job.
SO, they are owned by the company. According to the purchase agreement / shareholder approval of the same the company (i) can sell the shares, but (ii) can only do so if they are sold at or higher than what the company paid (I can't remember exactly, but closer to $1.50 than current).
Some people might speculate that track record of management would see them sell below NTA when they get a chance so that they get more management fees despite any dilution of NTA to existing holders. Naturally, I wouldn't be so harsh.
MJS
LRF Price at posting:
95.5¢ Sentiment: None Disclosure: Not Held
