I think issuing options pro rata to the existing shareholders is a good way to raise additional capital for the Fund without unfairly diluting shareholder interests. It allows MFF to use the additional funds to diversify way from their concentrated shareholdings without having to sell down and incur CGT on the big gains they have in Visa and Mastercard. In addition, given they have fixed overheads rather than percentage based charges, it reduces the overall MER of the Fund.
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I think issuing options pro rata to the existing shareholders is...
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