Mate if you missed out on BHD IPO, why would you even bother ?
1:1 Option dilution and overhang until 2020 is insane. Essentially you take on the full risk with half the upside.
HML has had most of the options exercised already, and is trading at a significant discount to the NTA.
The scaleack was a smart move to generate extra buying after IPO, but it only benefits management and the wholesale investors who i'm sure make up the vast majority of the IPO.
The following article best explains why its best to stay clear of LICs with large Option Overhang.
http://www.********.au/2016/07/25/w...companies-perform-better-when-options-expire/
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