Well, as you can see that total earning of 30c is divided in to...

Well, as you can see that total earning of 30c is divided in to 14c for dividend and 3.2c for fees. Now, I do agree with your other comment that this needs to be done across all LIC not just WAM to see how each LIC is charging and performing.

Remember bank use to give dodgy comparison fees just few years ago until a reform came and all banks are asked to provide standard template for comparison fees to all customer and it has actually changed not just customer opinion on the product they choose but also made banks more vigilant on how they charge fees as their fees are open for scrutiny and people can compare banks on same ground. Same way a royal commission or industry reform can address this issue of how funds advertise their fees as well as show their performance

WAM share price over last 5 years (obviously it went upward if you look at the time from 1999 to now) went backward and that is why net return is something shareholder needs to look at it when choosing LIC or ETF.

I believe Wilson has done OK so far in last 5 years from dividend point of view but now is the time that fund concentrate on capital gain in addition to dividends because without stable capital gain you will loose principal invested when you try to exit. NTA is fancy word and it changes every day so key is to look at the capital gain and dividend return provided by fund year on year. One of the KPI all fund should have is to achieve capital gain equal or better then inflation at the end of closing period and without that performance fees will be zero. I am sure they will find a way to get there... IMO. Obviously they also need to have KPI to provide increase in dividend so total return should be part of their KPI for performance shares not increase in FUM value.

I do believe if current takeover and merger with other LIC such as OZGrowth, WestOZ and PAF would add value to WAM and share price will be re-rated once all is completed sometime within a year so I am holding on to it to see that re-rate and if there is no re-rate then I will be out subject to my situation doesn't change before that time ... ! What is key to keep eye on how much dilution will happen due to additional shares added to market vs how much value is gained.