Ann: Increase to Target Dividend Policy, page-6

Exactly right.

The announcement reeks of desperation.

It's a classic case of feed them a bigger dividend and they will forget how crap the performance has been and is continuing to be.

Sadly, as you can already see in this chat - the prospect of franked dividends will dupe a large cohort of people.

The performance of this fund has been nothing short of atrocious... no artificial boost of increased dividends will hide this.

I suspect this is the last ditch effort to remove the perennial discount saga.

All I can say is the days of closed funds taking in massive fees, delivering pathetic returns are coming to an end. Thank god.