There was a question at the Argo AGM yesterday (recording should be available on the Argo website) regarding the premium/discount issue.
My take on what the MD said is that when interest rates were near zero, there was a decent premium to NTA as people were tempted by the yield on offer with some LICs. Now that interest rates are again competitive, that premium has come off as people divert some funds to a lower risk environment than equities.
(As an aside, the number of shareholders in ARG has also decreased, suggesting the above viewpoint is likely correct.)
Nothing amazing in that analysis, but it probably suggests the demise of LICs because of the rise in ETFs is overblown, and what we are seeing is just a pretty natural outcome of a changing interest rate environment.
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