Over the years I have occasionally looked at REL and passed it up as a closed shop, too tightly held and thoroughly controlled by the Cushing's.

But still I am occasionally tempted by the share price generally having a significant buffer against underlying assets.

Imagine my surprise when wading though the 200 page Sanford annual report I see that Rural Equities Limited is in the Top 20 shareholders of Sanford. They have 1,257,575 shares at a current face value of $4.89, that's over $6 million dollars worth of Sanford but nothing in the REL 2021 annual report.

Is REL now just a closed investment vehicle for the Cushing's? If so they should just be done with the sham and take it entirely private.

Or should I just sell my currently growing stake in Sanford and buy a whack of REL if they are investing in the same stuff as me?