Yes if the discount gets under 10% quickly and stays tight...

Yes if the discount gets under 10% quickly and stays tight through to options expiry might increase the temptation for them not to make any changes to the structure.

I wonder if the argument to not give up FUM is more complicated though. If it is always around a 10% discount or so, do they keep getting a steady stream of investors in their open end products switching over to this closed end MGF at the big discount? If so that does not help their AUM fee revenue.

Also if they don't address the structure and discount properly in the next year or two, what happens a few years down the track? If the discount then blows out to 20% again more negative publicity and calls to wind it up completely?