50 cents on the dollar When you have an obvious value play and the Company is making the effort to buy back 5% of the shares on a regular annual basis, real value is being added. Now if the Company continues to have takeovers within the portfolio then the value becomes more and more realized as cash. These shares used to trade at a huge premium to inderlying value for a closed ended fund. Would have been a great short along with Pinetree when it was trading at a multiple in excess of 3 times book.