Current NTA, page-2

Hi BarralScraper,

As per last business update, publicly traded and M2M investments were A$138m. This doesn't include the private investments, but it doesn't include the CN either.

NTA will become material only when either:

(1) SOLG is taken over in a friendly transaction approved by NM and the SOLG shares get turned into cash (very hard to justify too heavy a discount for cash in the bank)

(2) Or when management decide to take DGR private - one way or another.

I have previously invested in a LIC in the resources sector, although it was more arms-length to its investments than DGR is. I can't remember it's name now but it was circa 2010-2012.

The first step taken was that management introduced a buy back programme, using assets to fund this - i.e. selling some investments down to provide the cash to undertake the buyback.

This makes a LOT of sense in DGR's case as $1 of investment sell down would realise c. $2.50 of value accretion for remaining investors - very roughly A$138m / A$55m = 2.50.

Once the size of the shareholder pool was reduced sufficiently, as per my previous experience, management (who in this case would have benefited from the buy back as they are large shareholders) would announce a TO offer - still offered at a discount to NTA, but less so than today's massive arb, funded possibly by some third party - in this case Tribeca, or a bank loan using the publicly traded securities as collateral.

Shareholders would be (may be?) happy with that as they have profited from the arb narrowing (possibly a 2x bagger from today's arb) and management are happy because they also benefited from this arb narrowing (from their existing shares) and also the arb remaining when TO announced. In addition they then control the entity in a private setting - much easier.

Problem is no investor knows if/ when.

Cheers
John