zpg

Had a long chat with Paul Smith this morning.

Has recently repurchased some REOZ, but is not back up to previous holding. Happy to run REOA for the time being. Total REO exposure = 5% of portfolio.

Sold the holding in BFS Managed Props at a big premium to the current price, which is pleasing, especially as the Z's are going to be delisted.

Has paid back some debt, following recent redemptions, but happy to draw back down when oppportunities present themselves.

He suggested that my 5p terminal NAV target for the Growth Shares was "demanding", but by working around the edges of the portfolio, they would try and add value.

titlonboy