Yep, fully agree, and from my own perspective, I don't mind re-investing franked dividends back into the NTA at a discount. It's a great little win-win for long-term investors. I really hate paying such a big management fee for the privilege of that though.
At a certain point though the management fee will no longer be "covered" by the discount, and I'll have to look elsewhere rather than keep subsidising the managers lifestyle.
Ann: Commencement of Increased On-Market Buy-back, page-7
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