Ann: Net Tangible Asset Backing, page-12

I was not happy with the listing as I am no longer prepared to get options to pay for the raising costs. Magellan and VGI have both now decided not to have options and have absorbed the raising costs in their new listings.

I recently had an option suck out 8% of my profit when everyone exercised.

I did not go for URB because I could not see the option having enough time to make profit and then the concern about the impact of an option in diluting return. So I viewed the stock as always having to make 3% just to break even.

I see its now at around NAV so that's far better. Will be buying some soon.