Yes, the fund clearly needs capital to buy back shares. As stated in the buy-back mandate, it does this when there is a discount to NTA. So it is buying a dollar for 80c or there abouts.
Also, it is not a large scale selling of assets when they are at the bottom of a cycle, but dollar cost averaged over time.
Does that seem logical? Correct me if I'm mistaken please, but that is how I currently view it.
Also, I understand those that bought in on the original float being angered by the discount to NTA. It seems a case of one man's trash (those bought at float) is another man's treasure (those buying at 20-30% discount).
I'll add to this, I agree, for those Long term holders who bought at IPO etc, VGI could offer to redeem parcels at NTA periodically in good faith.
VG1 Price at posting:
$1.92 Sentiment: Buy Disclosure: Held
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