Ann: Annual General Meeting Chairman's Address, page-3

"It is important to note that the franking account balance of WAM Global is 3.6 cents per share as at 30 September 2023, after the payment of its FY2023 final fully franked dividend. In FY2024, the Company’s ability to continue paying fully franked dividends is dependent on generating additional franking credits through the payment of tax on profits. If no additional franking is generated through the performance of the investment portfolio and the payment of tax on profits, the Company will only be able to partially frank future dividends or pay unfranked dividends in FY2024 and beyond."

"Recently a number of LICs and LITs have resorted to restructuring to open-ended managed funds or active exchange-traded funds (ETFs) with 24 LICs and LITs departing the sector since the peak in 2018. While we expect further consolidation in the coming years with LICs and LITs that have underperformed, or failed to properly engage with shareholders, choosing to or being forced into restructure, the sector will emerge from this period of consolidation stronger with a solid platform for growth."


It's increasingly becoming difficult for Geoff to justify this double standard - one for his LICs and one for the others.

If WGB keeps underperforming its index as it has since inception and cannot provide a consistent fully franked dividend then it should be forced to restructure.