No I don't think it is excessive but sold out of BKI as every 3...

No I don't think it is excessive but sold out of BKI as every 3 or do years they went back to raise capital via placements and SPP. Always at the cost of shareholders. I don't really like spp's because that isn't fair as has no ratio to holdings. Many have multiple HIN's and apply in each of them. I would much prefer a right issue with an excess application facility.
I like buying the discount as there is a cost of being in a LIC. The discount helps me feel better as it is a cushion. I try to find management I believe in and stick with them. I don't believe in selling if the LIC is a premium to NTA as I then have to pay the ATO for CGT.
So I like seeing this part of my portfolio growing.
The hybrid didn't make sense as you could buy the stock at below NTA.
I do think they need to grow capital and DRP's don't give them opportunistic capital. I suspect that they see a huge mispricing of well managed bricks and mortar businesses and want cash to address that.