Ann: Net Tangible Asset Backing, page-3

Good to see someone else on here is interested in this little gem.

At current share price the market cap is below the total investment portfolio value....excellent value there. I also think that the current share price being this far below the tax adjusted NTA as of 30 Nov means incredible value.

And they have maintained Dividend Payout ratio for many years now. And are committed to maintaining it into the future. Already they are committed to a minimum of 6.8 cents for this FY. That is a pretty decent yield at today's prices and remember its "minimum".

I know it says the resources are now 9% (from 12%), but is that because their holdings decreased in value or because they sold out and diverted the funds into another sector? Not too sure to be honest.

This is a stock I have been accumulating between $0.98 - $1.05 for the past 2 years. I keep adding to my holding and and boosting my dividend payout via the DRP. Might I add there is a 2.5% or 3% discount on their DRP which is even more phenomenal!

In Summary

- Proven management
- Great capital structure
- Excellent execution strategy and invests in growth businesses outside the ASX Top 20
- Long dividend history with excellent yield
- 10 year average of >15% ROI

An excellent buy at $1.00