Can someone explain why this LIC is attractive?Average LIC...

Can someone explain why this LIC is attractive?
Average LIC pretax discount in Australia maybe 10-15%, on a post tax basis it's under 10%. Post tax is the number we should be looking at. Yes there are some outliers but they tend to be small, difficult to build a full portfolio. So opportunity to buy LICs on the basis of closing the discount looks limited.
When discounts narrow which they have done considerably this year your basically relying on the performance of other managers who's LICs you weren't willing to buy in the first place.
This is a problem as essentially paying fees on fees. LICs should trade at a discount given the fees paid.
In terms of fees this LIC also stands out, and not in a good way. 1% management fee plus 20% performance fee over zero hurdle! Seems rich to me.
To me this looks like it will trade at a discount and generate poor after tax outcomes for shareholders.