Adrian Lobo

"Two Cordish Dixon Private Equity Funds to Wind Up" - actually 90% of voting shareholders in CD1 and CD2 voted against the wind-up at big discounts to NTA. Looks like they figured if the exit price wasn't worthwhile to Cordish Private Ventures then they'd be suckers to take it. Especially as your report has 5yr NTA returns of 17.7% and 14.6%. CD1 has paid 126.5c of distributions since 2016 with about $1.93 to go. So the exit offer of ~$1.66 was pathetic. It was a huge discount on the NTA and that's assuming no NTA growth ever again!

Ric Curnow

Hi Peter. I enjoy reading your reports. I'd like to know about the average discount to NTA at which LICs are trading. Does anyone publish this or related figures? Thanks. Cheers ric

Tom Lonergan

I think you will find the reason for the increase in price of nsc is a concerted buy-back" by NAOS.

Alan Johnston

Hi Peter, thanks for the report. One query re this, difference between Recommended and Recommended +? Is the + designator higher than "Highly recommended" or is the the 2nd level, ie Recommended/Recommended +/Highly recommended? Many thanks, AlanJ

Peter Rae

In response to some questions/comments below - and apologies for the delay: Cordish Dixon: Yes, the proposals to wind up were soundly defeated. We discuss this in the latest monthly. NTA: We publish 3 year average NTA for each LIC in the tables in our Monthly report. We don't publish an average for the sector and I'm not aware of anyone who does. NSC: Yes, they do have a buy-back in place. Buy-backs can help support the share price but this is not always the case. Ratings: Recommended+ is the next step above Recommended with Highly Recommended being our highest rating. Regards, Peter