'A Prelude to a 10 bagger'

Prelude remains at a significant (c16%) discount to "old" asset value. The logic dictates that the best use of surplus funds in the Trust is to buy in shares - the rate of return to shareholders will be very high - as there are minimal one off costs of the investment and the portfolio is mature.

However the management fee reduces as it is based on the total assets under management - and cash is just so easy to manage! Having said that I would prefer cash to investment in new start ups - limited development investment in existing "good guys" may be acceptable.

Fiduciary logic has never been the strongest driver of the Prelude Board!