interest, page-7

I agree this stock is not understood by the market.

The points I believe the market has missed;

They now own their manager.

They pay 6 percent of NTA. This actually makes the share price irrelevant as capital is returned as a percentage of NTA.

Thus NTA is all that matters. This is especially true if you are holding this investment in pension phase of a SMSF. Ie 0 tax rate.

The only knock I have on this company is they are happy to talk about investment performance but they don't want to talk about NTA performance.

In my opinion they should buy back their own shares once there share price is 20 percent or greater discount to NTA.

This would help CTN holders but maybe not those that draw salaries from the management company.