Ann: Change in substantial holding from TAU , page-10

Tronbirk,

Your post made me smile because exactly the same thought went through my head.

However, after 20 minutes of trawling through some recent TAU announcements and the latest annual report, I gave up because of all the moving parts:

Commercial property and a backpacker hostel on Airly Beach in the Whitsundays combined with aspirations of conquering the trustee and superannuation administration business and also with an interest in another listed company that is itself becoming a corporate chameleon and raising capital that a multiple of its current market cap in order to go out and buy up dairy farms in Tasmania (I'm talking about APA Financial Services (ASX Code: APP) here))

That said, I think the NTA is real, and therefore the NTA- to-market value gap is large, but how I as a minority shareholder get to participate in the closure of the gap between NTA and share price is unclear to me.

This is basically a private company masquerading as a public enterprise and that is liquidating its property portfolio and going to do some other stuff with the proceeds. What exactly that is I don't quite know.

Cheap it certainly is and if you buy the "Trust-Me" promise and nothing too dumb is done by the major shareholder who is also the CEO, then I suspect the share price will go up in the fullness of time.

Trouble is, it's a lobster pot. To get set in a meaningful way is impossible.