below issue price in feb 2005, page-3

Yeah. The current discount to NTA makes the discount that the hedge funds were complaining about look trivial.

Really need someone to stand up and hold the board accountable to the NTA discount - but hang on, they two that showed most interested were just bought out at the request of other shareholders.

Was actually interesting hey that the resolution allowing LRF to effectively cancel the LRF2 shares was voted down. I don't think anyone back then envisaged how wide the discount to NTA would become. Result like you said is they are stuck with this disjointed structure as they also commited to not onsell them at a price lower than they purchased them for.

Anyway, so far have proved great investors of money, just very poor management of investors. If there investment performance continues one would hope that the SP is dragged up with it - or at the least we receive a yield at current prices of 10% plus.

MJS