I share the sentiment of most posters here. Off the top of my...

I share the sentiment of most posters here. Off the top of my head, these are the main factors causing the disparity between NTA and share price:

1) Instability caused by having no CEO - this should be rectified in the next few months.

2) Capital raising still on the cards which, if proceeded with, would dilute existing shareholders who do not participate and would put downward pressure on NTA.

3) Large position held in Harvest One - the idea that, although their holding has been increasing in value, it would take a longer time period to liquidate their holdings. This is because selling large quantities of stock on the TSXV would increase supply side pressure and potentially reduce the price. I think in the long-run, once they’ve sold down their holdings in HVT we will never see this issue again.

This situation is a once-off that is a result of their prior history of owning the assets. We can see that they have had no issue selling down their smaller holding in LABS without any substantial downward pressure.

4) Forex Spread - despite current rates, they most likely would lose out very slightly when converting back to AUD and back to CAD etc.

By no means do I think they justify the large mis-pricing that is currently taking place, but I believe all issues will be resolved with the exception of point 4.

Just my two cents, and food for thought,

Cheers,

CappMan