Deep value in Aurora

Unfortunately, I ignored this sensible approach earlier this year when shares in Aim-traded investment company Aurora Russia (AURR: 32p) had ramped ahead to a multi-year high after I advised buying them at 30.5p ('Time to play Russia roulette', 4 Feb 2013). True, we banked some profits after tendering 36.9 per cent of those holdings back to the company at 52.3p a share in May. Factoring in the 70 per cent-plus profit on the tendered shares, this meant the carrying value was only 17.7p on the balance of the holding, which compared favourably with Aurora's share price of 40p at the end of April. That should have been the cue to take profits on the balance too!