Raising at a material NTA discount other than through a rights issue is indeed not looking after current investors.
Wilson sure has it sweet with some of his LICs, being able to raise at NTA accretive pricing. But he’s earned that mantle through consistent, long term, strong outperformance.
Relevantly, Wilson is a director of ALF, @yort. He will only put up with its current issues for so long.
Ann: Temporary Suspension In Buy-Back Of Ordinary Shares, page-55
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