Ann: Dividend Reinvestment Plan, page-3

I would suggest this probably isn't a negative.

Whilst I have no evidence that this would be the case, I would suggest this discretion would only be exercised if the share price was trading at a PREMIUM to net asset backing. In other words, if you were willing to reinvest your dividend, they would offer you shares at the 'fair' value of the underlying stocks, rather than some hyped up share price for PGF.

I don't think they would use this discretion when the PGF share price is trading at a discount to net asset backing, as is the case now.

I say this because a fund manager is interested in minimizing leakage of investable funds to dividends, so if they did as you suggest, nobody would participate in the DRP.

Anyhow, that's what logic tells me, but I guess we'll know for sure in the fullness of time.