Really its a roll up of a lot of investments some listed some...

Really its a roll up of a lot of investments some listed some unlisted.

The flurry of significant shareholder notices is indirect because of their holdings growing in HHL and HHV. So not a direct investment issue.

Currently probably still at a very small discount to underlying NAV ( valuing listed shares at market price and balance at guesstimates)

The issue with NHC is not true there is probably even more profit in the mines they acquired recently than the issue with Ackland in QLD. TPM ( TPG) is a worry but really you have to back internal management there and they have been in this game for a very long time. I would be more concerned if I owned TLS