Ann: Temporary Suspension In Buy-Back Of Ordinary Shares, page-61

I totally agree that issuing shares when the share price is below NTA is pretty shameless lining of your own pockets (unless the fund is so small that there is a legitimate argument to reduce costs and increase liquidity). In October 2015 ALF did place shares as part of a dividend shortfall placement to sophisticated and institutional investors it was done at about 4.5% discount to NTA and at the same price as the DRP price(to placate retail investors). This was a pretty stupid way to increase capital (and fees).

They also did a placement in October 2015 where they placed shares to sophisticated and institutional investors at a 12.5% premium to NTA and again pretty much in line with the market price of shares. Good for JB, but on balance not a bad thing for shareholders.

Now he has decided for the company to buyback and cancel shares, which is reducing the pool of capital on which he can charge fees. So you could argue that now JB is no longer shamelessly lining his pockets, rather selflessly serving the interests of shareholders.

I personally don't think the capital management has been too bad. The investment performance on the other hand...