lrf discount to nta, page-6

I agree it is a bargain at current prices.

But I also agree that the NTA is distorted as the units held by Linq2 are not included in NTA calculation. These units can not be cancelled as that was voted down at the meeting. Hence, when the price one day (hopefully) trades above their average purchase price they will eventually be onsold to investors - with the sale price being the price that the new units are "issued" at and the value added to the fund.

30% approx of units held by Linq2 - assuming sold (or issued in reality) at a discount to NTA will naturally dilute the final NTA - if any of that makes sense.

MJS