Reality check 2, page-33

I think management simply benefit more by not buying back too many shares, rather keep their high fee structure working on a larger pool of AUMs.

They have showed they are willing to buyback shares already I guess to some decent degree. It is a different story though when the discount gets crazy like 20-35% and we are talking about them buying a maximum of 10% of the capital over 12 months. If they don't do that they start to look bad and also possibly holders in the unlisted product might switch out and start to buy the LIC. That trend hurts their management fee revenue.

I don't think management cares too much at this stage if the discount stays at 10-15% for at least the remainder of the IMA term. They will chip away with the on market buyback they have always flagged but don't expect any other capital management initiatives to address the discount.