Warhippo, I would caution on thinking that Pallinghurst is trading below NAV - that is the point about investment holding companies, they are supposed to offer a discount to the underlying basket. The risk with an NAV evaluation, is that the assets are listed shares themselves, so the NAV doesn't mean much - especially since we don't actually know what the tangeable assets of the underlying companies are. However, at least 100c a share is in cash right now, and your listed stock exposure is only 25% of the Pallinghurst NAV. What sucks, is that we have almost no information on the financial status of Faberge, which on its own accounts for 25% of the investment portfolio. Is it heavily geared, cash positive, making money, ???