LSG - Lion Selection Group

I do a rough calculation based on the combined Lion Selection Ltd assets which suggest NTA has gone up since mid-March - but so has LSG share price and it seems to be consistently tracking at 80-83% of NTA pre-tax. In fact I estimate combined assets are worth $20m more now than 31 Dec 06 when share price was $1.85 - eg two of their larger holdings AGM & HAV have gone up over 50% - but greater discount has been applied for some reason.

Lion Selection Ltd (the merged LSG_AUS) shares begin trading on Tuesday 17 April - if the merger documentation proves correct this will see the combined group become ASX200 eligible which could see NTA discount reduced

Ann re NTA for LSG

NTA before tax $2.07
NTA after tax $1.93

So current share price ($1.61) is 83% of NTA after tax. The only other investment funds like this (WAM - altho this is medium caps, mainly industrials) hovers around the average of b4 and after tax.

I calculate merged LSG-AUS has NTA before tax of $2.01 so average would be around the $1.90 mark - am i missing something?

***** Now merged with AUS and listed as LST _ see new thread *****