Hi Steve. This is my rough calculation. I always calculate on after tax NTA with LIC's as ultimately tax has to be paid on profits in the fund.
30th June after tax nta was $ 1.15. Add say 1% for fund increase = $ 1.16.
306 mill opts ( at $ 1.10 ) if all exercised would end up with 706 m shares.
Take off around 45% of the 6c difference = 2.4c.
1.16 - 2.4 = 1.136 less the 2c div in Nov. gives $ 1.116c
If the market drops around Nov/Dec there is a natural buffer to a fall for WLE in as much as a lot of the opts proceeds would probably still be as cash in the fund.
Best of luck, but DYOR.
Cheers Riv
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