Ann: Outperformance, increased FF final and special div, and SPP, page-17

What’s the possibility of scaleback for the offer? A quick look of the SPP booklet doesn’t mention how much they are looking to raise?

Are they waiting to see how much they can get before making a decision? I can’t see a fund manager knocking back as much money as they can get however directors would need to keep in mind the nature of what WMI invests in especially when a lot of the small caps they are in have run hard.

I’m uncomfortable going hard on this one even for the arbitrage as it’s at NTA. History proves that LIC’s trend towards discounts to NTA. Why is WMI trading at a premium? Although the 6c dividend is tempting the record date is so far away in the current market environment. Wouldn’t the SP fall by the dividend amount on the ex date?

Bottom line is, Wilson’s should have rewarded existing shareholders to buy into the SPP at a discount to NTA.