Does anyone else think that the current discount to diluted NAV is a bit large for Kingfish limited?

Ordinary Shares trading at 95 cents
NAV per ordinary share = 134.89 cents
Diluted NAV per ordinary share (allowing for conversion of warrants at $1.00) = 117.56 cents

Discount to NAV per ordinary share = 29.6%
Discount to NAV per diluted ordinary share = 19.2%

Kingfish have a buyback program for both the ordinary shares and the warrants, the ordinary shares purchased are being held as treasury stock, and the warrants purchased are being cancelled. So this should all be positive for the diluted NAV in the future.