Thanks boxhillnorth for that, its the only explanation that...

Thanks boxhillnorth for that, its the only explanation that makes sense to me.

The only income Wilson would get is the dividend until he makes a takeover and changes the investment manager to his guys. Maybe that's the long term plan. The franking credits from the dividends pass through his companies for a small bonus. It does not look like he participated in the buyback.

Its interesting that Wilson invests in LICs that are not brilliant performers but trade at discounts. Its a good diversification strategy for his funds and help him track the market. The worst case is when a fund liquidates which means he makes a profit anyway since he bought at a big discount. If the fund does eventually outperform and causes a premium to NTA he can always sell. I can't see any downside when the goal is to track the market.