Ann: WAM Leaders shareholders offered Share Purchase Plan, page-27

if you look at it objectively, they can't really raise it below NTA as doing so will dilute existing shareholders and hence damage the brand.

in any case, i wouldn't write them off just yet.

Do not discount the fact that SPP was announced towards the end of the month when they had a good idea of performance. August was a positive month with ASX200 rising over 2 pct.

My uneducated bet is that they will announce August NTA of around 1.20 and put their signature marketing spin on it: spam a few emails, brag about the profit reserve, may be do another conference call - and bingo, the grey-haired SMSF cohort will through off a few dollars their way.