Ann: WLE: WAM Leaders intends to bid for QV Equities Limited, page-21

there has been talk of converting the lic structure to an etf so it trades at nta and iml retain management rights. this does change the ability of smoothng earnings and dividends that the lic structure offers.And also causes cgt to be triggered on unrealised gains but then they have losses to offset. im just more than happy to keep getting the quarterly dividend and a bit of capital growth that will follow. its a tough segment the ex 20 if you leave out the hot sectors and concentrate on quality industrial stocks. IML has a 20 year track record of doing this well. in the meantime wilsons have no chance of gaining control unless they bid nta.