Ann: Becoming a substantial holder from WAM, page-15

"If you mean dilution of assets (NTA), then no it wasn't. $1.90 is above the NTA so everyone who bought at $1.90 give a free boost to existing shareholder's assets. Thanks everyone, I appreciate your contribution to my NTA (and to other existing shareholders).

I always value LICs at their NTA and try to buy good ones below the NTA. NTA is long term and market price is very short term. "

Correct, & good points no. IMO for LIC performance and dilution NTA should be the focus.
Share price comes into calculation for buying, selling or arbitrage.
"Price is what you pay; value is what you get" W.B.