It's tricky being a listed company whose aims are both...

It's tricky being a listed company whose aims are both shareholder returns and donating to medical research. At times these will be conflicted. For example buy backs or high dividend payouts would lower the company's assets hence the rate of donations being made. When investment returns are great no one complains. However inevitably the cycle turns and now we have an underperforming LIC at a huge discount to NTA with directors unwilling to use buybacks.

Winding up the company would deliver shareholders a 20% windfall however calling for that is like shooting Bambi. The company has donated $43million to charities so there would be much opposition.

In saying all that the discount to NTA is so wide and the underlying holdings seem reasonable so I'll take my chances at these prices and hope directors look after shareholders a bit better if things stay dire.