Jan 24:

Top 5 holdings from last report have performed well in December and some shares have also been bought back on market. Would be good if Salter Brothers sold down some more shares. think there's some value on offer here at these prices. guessing NTA is somewhere around $0.85.

Nov 23:

Still trading at a 30% discount to NTA, only problem is NTA is now well below where it was one year ago.

The good news is that Salter Brother Controlled entities have dipped below 50% and WAR is now holding more than 5%.

Some sort of corporate action is inevitable at this stage, but the question is how much capital can management incinerate between now and that point?

Dec 22:

I've done a little more digging. I think that Salter Brothers do not own 65% of shares directly. They hold it through an unlisted fund they also manage which appears to be a "Golden Ticket" fund for foreign investors looking to gain residency in Australia.

It was reported in the media that these schemes were going to be cracked down upon.

I would SPECULATE that this is why this fund has had to sell down some of its shares - investors are redeeming units.

Deciding what price to pay is now a judgement call on:

a) Will investment performance pickup

b) Will Salter Brothers act in the best interests of its shareholders.

c) Will this eventually be wound up/taken over.

At a discount to NTA of over 30%, I'm thinking there is asymmetric risk/return on offer here.

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