Because if the NTA goes through the roof, and they end up paying out a massive dividend, holders will be forced to exercise the options as not to miss out on the massive payout.
Just like what is happening to HML. The upcoming 18c-22c divy will most likely clear off all remaining options in just over 1 year !!
Clearing off all options will unlock further value in the LIC as option dilution is no longer a problem.
All in all Stuart is killing it on all accounts, a true genius.
.
IPO - Benjamin Hornigold Limited, page-173
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