IPO - Benjamin Hornigold Limited, page-123

Buying BHD on market is not a smart idea. If you got in at IPO you have done well.

Those that come in after the IPO are taking on the full risk, but only getting half the upside because of the option dilution.

BHDO don't expire until 28th April 2020 !!!

This article explains why LICs with massive Option overhang perform poorly until the options are exercised.

http://www.********.au/2016/07/25/w...companies-perform-better-when-options-expire/

HML on the other hand has had most of the Options already exercised, and is trading at a massive discount to the NTA. It also has a longer track record, larger market cap, more liquid, and is also more diversified.

.