The SVM UK Emerging Fund plc in a London listed Investment Trust.

http://www.svmonline.co.uk/Navigate.aspx/Private-Investor/1/Investment-Trusts/SVM-UK-Emerging-Fund-plc

It invest in small and medium companies

http://www.shareshop.hsbc.co.uk/shareshop/security.cgi?csi=24939

A very small investment company, with a market capitalisation of £4m

However the assets of the company per share are worth 88p and the value of the company is worth 67p.

http://www.svmonline.co.uk/ResourceModule.aspx/Pdf/SVMAllFundsFactSheetUKEmerging1215.pdf?key=7d17d931-796c-41fd-a907-fbbe7bbf994e

Thus buying shares in this Investment is effectively buying an asset worth 88p for 67p. A nice little discount.