I don't own GC1 or have a strong opinion on it at current...

I don't own GC1 or have a strong opinion on it at current levels. For those that are tempted with it though all as I would say is don't necessarily assume the discount is near 30%. They seem to be a relatively high turnover manager and I think the after tax NTA level is more appropriate. There are a few tricks in there in terms of needing to look up 2 sets out outstanding options issue and also some convertible shares. The potential dilution to NTA these could occur are probably weighing on the share price. They also haven't demonstrated they can do very well performance wise. Perhaps such sentiment is factored in and it is an opportunity, I am not sure, just beware of the options and preference shares. This LIC has made a habit of playing with the balance sheet so that you might be required to tip more of your capital in at a later date to avoid dilution. I don't think the "real" discount to NTA is more than 20% even though it might appear that way on the surface. Apologies if some on the EAI thread are bored by this!

EAI I actually am a holder and at least with that I don't think management can get away with any dilutive raisings now. It is at the backend of its IMA and activists would probably pressure them into going down the same road that happened with EGI.