I bought some at 84 cents yesterday, which I probably would...

I bought some at 84 cents yesterday, which I probably would jettison if the share price did approach NTA. I am a shareholder in another NAOS fund NCC, which is suffering (share price wise) as directors sell shares to exercise their options, so no evidence there that the options close the gap to NTA.
As for the Wilson funds, I fairly recently sold WGB shares at $2.72 when free options were announced and bought back in at $2.52. They now trade at $2.62. All that did was create an artificial high to obtain the free options and then a reversion to normal. What it has done is enabled Geoff Wilson and his managers to earn more fees. Generally LICs have abandoned the free option strategy as they have not enhanced shareholder value and also held back the share price because of the overhang created. Another point is that the Wilson funds generally trade at or above NTA, so rights issued at NTA are somewhat attractive. The NAOS funds I follow trade at decent discounts to NTA so are not so attractive to purchase at NTA.

Just my thoughts.