controversy rages, page-9

There is also the suggestion that a DRP is some what untoward and I wonder if they know how it works.

Company pays a dividend, then the shareholder is able to uses nhisn
cash to buy more shares in the LIC. The company add extra shares ( with Argo a 2.5% discount) in lieu of paying the person cash. Seems fairly straight forward. But from the analysis they try to make it lookalike they are using it as a way of using capital to pay dividends, but it is actually new capital.

It is true that in recent years these shares are worth less than when they were issued, but most other shres people put the money into would also be underwater. (I'm an unsoficticated investor, but I think this is a result of the GFC and not the cause of it)