A Melbourne uni professor wrote a piece this time last year about the discount:
http://www.theaustralian.com.au/business/opinion/protected-shares-come-at-cost/story-e6frg9o6-1111118535524
Basically, the value of the price protection is being outweighed by the cost of illiquidity. I've also read (but can't find the source) that the instos have been building up a holding in WESN since they are buy and hold investors, so are unlikely to find the illiquidity an issue. This means there are less liquid shares for the rest of us, making WESN even cheaper relative to WES.
guilty, page-6
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$71.38 |
Change
0.000(0.00%) |
Mkt cap ! $80.95B | |||
| Open | High | Low | Value | Volume |
| 0.0¢ | 0.0¢ | 0.0¢ | $0 | 0 |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 5 | 1591 | $74.94 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $67.82 | 1365 | 7 |
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