Ann: June 2024 Monthly Performance Report, page-4

It could well end up being rolled into PGF. Buying back 25% of your stock in a year is pretty well unprecedented. This is value enhancing for VG1 holders (in the it both improves NTA and seemingly is gradually reducing the discount) but on the other hand the buy back reduces the funds size and so managers fees and if they keep doing it VG1 would become too small for them to run efficiently. So I'd guess the longer they keep up the aggressive buyback the mote likely they will roll it into PGF. Alternatively they could turn into a ETMF. I'd guess they will go for what suits the manager. An activist fund (Saba) is on the register so they'll be under pressure to do something to reduce the discount completely and allow shareholders to exit at NTA. I have a heap of them and so far so good.

This is a summary of what one fund manager who invests in these discounted LIC's thought 2 years ago. He listed PIA,
PMC, VG1 and PAI as the ones to watch. PIA and PMC confirmed yesterday they are changing structure to allow exit at NTA - I'm happy to be holding both and they've gone OK and likely bit more profit to come. So he's been right so far. However nothing happens quickly in this LIC space. So it's more get rich slow than get rich quick.
https://www.livewiremarkets.com/wires/why-australia-s-lic-universe-could-shrink-by-20-in-two-years