News: WAX WAM Research Says Declared A Fully Franked Interim Dividend Of 5.0 AU Cents Per Share, page-17

"Picking up a share with 12% gross annual dividend isn't much good if it's losing 18% in three months"

I have picked up a lot of WAX recently. My average buy in is roughly $1.15 and at that price the net dividend yield is 10.9% (gross is 12.4%). Your post clearly implies that you expect the 18% fall in 3 months to be a continuing trend - whereas I took that fall as an opportunity to reduce my buy in average to $1.15. I pay tax so will use most of the franking to pay the tax, but I will get at least the net dividend yield of 10.9%. I am quite happy with that!!

I will also be surprised if WAX continues to fall at 18% every 3 months. In fact I expect others will notice the large yield and the history of the stock - so that the premium is likely to increase over the next year or two.