Ann: Update - Notification of buy-back - VG1, page-10

Wilson does not like buybacks in his own fund - they obviously reduce future management fee revenue.

Everyone can make up their own mind whether you think he does not like them because they "do not solve the discount issue".

It is pretty much unprecedented that a LIC does an on market buyback of 25% of shares in a year and is prepared to buy at discounts as low as 11-12%.

In the last month or two VG1 have been buying volumes consistent with this strategy after for some unknown reason having very little appetite in April at an 18% discount.

Maybe buybacks can never work, as the myth the LIC promoters love to push. Let's just see what happens here IF they continue with a proper buyback as described above.

Thus far the discount has closed by 18% to 12% in very fast time when the buyback seems to be accounting for 80% of volumes.

Maybe a coincidence?

all very accretive for shareholders at no risk, the fund still has ample scale and liquidity.