Ann: WGB announces Bonus Issue of Options to all shareholders, page-32

Generally it makes sense to offer options when a share is trading at a premium to NTA and the strike price is above NTA. Usually LICs trading at a significant discount to NTA will do share buy backs which will lift the NTA and hopefully the share price. This one bothers me in that the option strike price is right on last months NTA, hence my decision to sell half my stake at current prices, with the choice to replace those shares with the free options at a lower price. End of January's NTA is due out before the 14th, so it will be interesting.
As you mention Geoff is a large investor in his own funds. I notice he rarely invests in any of his funds trading at a premium to NTA. (Very astute investor). This week he sold a slice of WAM, which is trading well over NTA, but has subsequently fallen 5%. May be other mitigating factors, but it is a very good idea to watch where his money flows within his funds.