Ann: BKI Announces Entitlement Offer and General Offer, page-20

I didn't have a negative view of this CR initially but I must admit I have been persuaded. I cannot see how existing holders can be happy with having to collectively pay for the CR. The Fees are paid by the fund and then to add insult to injury the existing shareholders are donating some of the excess NTA to the new shares. As I understand it brokers are being paid r placing shares and SOPHS are probably sharing in that as well.

I am not sure how this can be equitable and I cannot see what benefit existing shareholders get at all. If they wanted more shares they could buy on the market or the management company could do a DRP and even a rights issue to shareholders but raising this amount is a real dilution'

It does worry me as Contact also manage URB where I do have an investment.
I must say it does seem a bit arrogant for the management team to be able to place this to the detriment of the existing holders. Their portfolio does not look unique as well so really it's not a lot of work here. Effectively 0.17% is around $170,000 per year so cannot really do more than follow the index and change a few here and there in my opinion.