Absolutely agree @fredofrog - I think that there are some...

Absolutely agree @fredofrog - I think that there are some impediments when the theme behind there portfolio does not accord with the theme of the LIC being considered. However it should not stop them from buying up big, making a lowball offer to see if they can convince sufficient remaining holders to sell to them then cleaning the holdings out to accord with their own theme. It has been done before - eg Contango Microcaps was wiped out by NSC much to the shagrin of the Contango holders who have seen their SP decline to a steep discount. SNC would do the same if **riel saw a good opportunity to gain acceptance without a lot of trouble IMO.