dividen reinvesment pricing, page-3

The whole DRP is a total joke:

* On one hand, the fund states its desire and actions to reduce the discount that the units are trading to NTA (ok, this has been the plan for so long I forget);
* On the other hand, with the a distribution expected to be around 20% of current unit price it has been announced that the DRP will be in place at a 10% discount to the unit price despite the fact that the units are still trading at 25% or so discount to the NTA!?!
* The rationale for the DRP is to fund liquidity requirements to buy back up to 5% of capital at a 9.9% discount to NTA.

So, if I have that right, units issues at a 35% or so discount to NTA so they can be repurchased at a 9.9% discount. Ummm ... have i missed something?? No friggen wonder the units continually fail to get even close to NTA.

These guys treat unit holders like a bunch of idiots. I sent them communication regarding the above paradox and surprise surprise no response.

MJS