I don't like the idea of offering a discount to NTA because this dilutes the holdings of existing shareholders (even though it would do so on a pro-rata basis).
I believe the fairest method would be to offer shares at the lesser of (1) the prevailing market price, and (2) actual NTA. While this may result in some dilution (i.e. if the market price is less than NTA), at least it would ensure that shareholders aren't paying more for shares in the DRP than they would if they were to buy on-market.
I don't like the idea of offering a discount to NTA because this...
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