Ann: Investment Update, page-11

Yes there is a chance the options may not finish in the money so dilution may not be much of an issue. That scenario isn't too good if you hold GC1 shares though as it means the underlying portfolio is probably still not doing much. Strike price on some options is 75 from memory. i.e. If no shareholders are exercising these as we near October well it helps with lack of dilution but probably means the portfolio and shares are struggling.

If the portfolio shoots the lights out in the next 6 months I am just making the point that those considering buying the shares right now might see a bit of dilutionary effect in that scenario. Due to this all things being equal you might want to see a larger current discount to NTA than you might normally look for in a LIC with no options outstanding.