Key investment terms Net tangible assets (NTA) The aggregate of a company’s assets (i.e. cash and investments) less its liabilities and current and deferred income tax. The NTA represents the value of the company and is announced on the ASX to shareholders each month. NTA after tax The NTA of a company, inclusive of current and deferred income tax assets or liabilities. NTA before tax The NTA of a company, exclusive of current and deferred income tax assets or liabilities. The NTA before tax represents the investment portfolio of the company, i.e. cash and investments, less any associated liabilities excluding tax, and is themost comparable figure for a LIC to an exchange traded fund (ETF) or managed fund. Share price discount or premium Listed investment company shares are traded on the ASX and a LIC has a fixed amount of capital. At times, the LIC’s share price can fluctuate above or below its NTA value. When the share price is above the NTA of the company, the LIC is trading at a premium to NTA. When the share price is below the NTA, the LIC is trading at a discount to NTA. This is calculated as follows: (Share price - NTA before tax) ÷ NTA before tax Total shareholder return (TSR) Total share price return to shareholders, assuming all dividends received were reinvested without transaction costs and the compounding effect over the period. This measure is calculated before and after the value of franking credits attached to dividends paid to shareholders. This is calculated as follows: (Closing share price - starting share price + dividends paid + franking credits) ÷ starting share price Note: TSR reported in the Annual Report and media release is calculated monthly, using the above formula, and includes the effect of compounding over the period.
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