Ann: March 2023 Investment Update, page-19

True…. I was one of the screwees who declined to add further to my holdings. This was as a result of already having enough Wilson Funds and also me choosing NOT to add more to Wilson, but to allocate funds elsewhere. Your posts are quite accurate in that these “capital raising” seem to occur with a monotonous regularity almost always accompanied by the sweetener of “if you take up the SPP, you will get this fat little dividend”. We both know that ex div, the SP will generally fall by greater than the SP, and as you have noted, existing holdings have already been diluted by not only the pullback in price, but also the dilution factor of the extra shares issued. Investors traditionally (as does everyone else) have short memories and the SP probably will reach a premium over NTA at some stage in the future (especially if the market has a dramatic uptick and WLE rides that wave) but existing holders have a right to be aggrieved that the SPP was instigated without sufficient reason given to existing holders. Yeah… we want to raise more funds so we can take bigger positions or have more stocks in the portfolio, is not an adequate enough reason to ask for more money ! I too want bigger positions and more stocks, but I certainly don’t expect anyone else to stump me up without a good reason or a sympathetic bank manager (and they are few and far between !). Certainly leaves a sour taste in your mouth !!!