well done weiss

LRF have announced that Weiss received almost $49 million for their shares. LRF prudently(?) didn't publish the price paid per unit. Probably as a big embarrassment. Well, I went to the trouble of working it out at a bit over $1.57 per unit. Over 50% more than the current trading price, which co-incidently happens to be a cool(?) 40% discount to the current NTA backing.

The responsible entity definitely has some work to do to justify themselves at the moment! Particularly as the options issued, although not in copious quantities thank goodness, get exercised at a 10% discount to trading price at certain dates - the first being end of May 08.

LRF must be thinking what a lot of suckers they have as their shareholders. I'll include me in that sucker club - albeit I managed to exit prior to the vote at over $1.50 and have only recently re-entered.

They are just lucky they have such a good investment track record to date. Otherwise they would be taken to the cleaners in a minute. But without a doubt they need to keep it up and improve their performance from a SP discount perspective.

MJS