premier, page-4

I've been doing some research on this one, this is what I've come up with so far:

- NTA per share at Dec 06 was $1.80 (taken from annual report, converting 76.44 p to AUD)

- Average annual compounding return of 17.0% a year over the past 14 years (again from annual report)

- Top notch directors, have longstanding reputations for business saaviness

- Share price $1.67

So it looks to me like an investment fund, trading at a discount to NTA, with proven money managers, having generated returns far excess what most fund managers have produced over 14 years, without the horrible assortment of fees.

Surely I'm missing something??????