I went to the Forager roadshow in Melbourne yesterday. Someone...

I went to the Forager roadshow in Melbourne yesterday. Someone asked the question of Steve why the NAV premium is so large, and his view is that is has to do with (temporary) imbalance between buyers and sellers. What happened is that the listing process offered shareholders the option to cash in at NAV, so all the willing sellers cashed in; subsequent to the listing, therefore, there's been a lack of sellers and this has driven up the price to very high levels (20% NAV premium).