Surely the only relevant point in this discussion is why can't CMI instead pay out the surplus cash as a special franked dividend. If shareholders want to invest using Glennon as a fund manger then they can use the cash proceeds of the special dividend and buy shares in their GC1 LIC at a discount to NTA. Can't see how anyone is not better off with this alternative (except Glennon missing out on extra fees, directors and controlling shareholders having a smaller empire, and the ATO refunding franking credits which really belong to shareholders)
Ann: Change of Business, Prospectus, EGM Notice, Share Buy-Back, page-24
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