Ann: Change of Director's Interest Notice - Michael Glennon, page-4

The company has a new share buyback announcement in place. I presume that once all the formalities have been done and dusted the company would be doing what he did. You are also making assumptions that no-one else would enter the buying. I missed the 80c and would have accumulated at up to 82c but it dropped to 78.5c so I assume there are many out there and as I expect MG to be a wise investor I think a 15% discount is where I am comfortable to buy at.

If his performance had been a huge drop compared to the market then I agree that the discount would widen but with each share bought back improving the value of all of our shares I think that most LIC's these days would struggle to get to a greater than 15% discount as long as management are really managers and realise that fund size isn't the only criteria.

These days even the threat of a buyback seems to strengthen the price.