E&P vultures hide the CD Funds carcass but will it work?, page-15

The pengana deal is terrible. Why would you want to be locked up in an open ended fund that can trade at a discount forever? Much better to be in a closed end fund where, even if you can't sell early at NTA, if you wait 5-7 years depending on the fund, you will end up receiving back the true NTA in distributions and walk away.

Also, although PE1 trades okay now, it will trade at a big discount if it does this deal, I have no doubt. Existing holders will anticipate CD shareholders selling, and then by the time CD shareholders can sell, will be back to the discount to NTA, but this time with no path to fix it (given PE1 is open ended).