At ongoing discounts WAM and associates saw value and...

At ongoing discounts WAM and associates saw value and accumulated shares. More recently Perennial Value Management (PVM) saw value and has been buying shares. Had value been seen by the WDE board, why did they not implement a buyback and add value to existing retail shareholders? After all, WDE and PVM have common Directors. Perhaps they realised a buyback would only increase the percentage of WAM. No doubt a buyback will come after shareholder activism from WAM. As PVM is a related party they should not be able to vote their holding and block any moves from WAM. The dynamic hedging strategy cost 2.4% in 2016 and 4% in 2017. In the longer term, the dynamic hedging may prove costly to investors even allowing for short term corrections. I would require a discount of more than 12% to buy for the medium term.