Ann: WAM Leaders shareholders offered Share Purchase Plan, page-9

A little bit of a boo boo here Geoffrey (I think). To have a defacto capital raising for WLE so closely following WMI, without fore warning was not really a good idea. The reasons given for the WMI SPP were clearly given, to gain mass, to enable WMI to take up more opportunities at or pre floats, to hold successful stocks and to not have to sell to take up other opportunities.... etc. The WMI SPP also made sense for the investor... performance, SPP at disc to NTA and SP, and the added sweetener of the added FFR divvy. I took up the $15k option and am happy with my decision. When the WLE (existing holder) SPP came out, it was a “WTF was that” ? announcement, that had me nonplussed and in the current market environment, relatively disinterested. Almost at the current SP anyway.
WAM asset management has to realise that investors are getting relatively tired of being squeezed like a sponge, and the sponge is getting dryer. Not a “bad” move from WAM, but I think it demonstrates a poor understanding of the Australian LIC investor and their investment philosophy at the current time.