That's interesting zapman that Geoff has endorsed it. The way the vote went last time perhaps there wasn't much else he could do for the moment. He seems to be ok with options in general, this stance helps him to issue them with his LICs on occasions so hard for him to be critical.
The merger and giving the new manager a chance to be the major player running the fund is an ok move. I just think that there wasn't a need to issue options as the fund is already a decent size. I also think resetting the high watermark for performance fees can make sense to give the new manager incentives, but they as a group should not be let off the hook so easy. Reducing the base fee down to 1% might have been fair in the circumstances.
Now that the discount has been reduced I don't see it as being very attractive. The new manager is unproven with their international equities and the old team's stock picking was questionable.
Ann: STRATEGIC PLAN - Board renewal, dividend policy, page-14
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