For anyone that closely follows closed funds, like LICs and LITs, share buybacks rarely have any long term benefit to closing the gap. Rather, they seem to be a short term fix, mainly to calm a rising tide of disgruntled investors. My guess is they already knew there was a growing chorus of people wanting the fund to be wound up or converted. The VGI staple have been an utter disaster for the last 6 odd years.
Ann: Commencement of Increased On-Market Buy-back, page-8
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